Life insurance is one of the most neglected subject matters amongst America families. Death is a natural part of life; it is something that we will all have to face one day. No one knows when we’re meant to go to glory, but taking preliminary measure will see to it that your family is not derailed by your passing. Life insurance provides peace of mind in knowing that you and your loved ones are taken care of financially in the event of an emergency. It can also be a valuable financial asset towards the preservation of your family in your absence.
According to Fidelitylife, the cost of life insurance policies is affected by several variables including age, gender, height, weight, medical history, family history, drug use, occupation, and lifestyle. Among all these factors, age is the single most important factor in determining one’s life insurance worthiness. That is why it’s imperative to avoid prolonging enrollment into a great life insurance policy. The sooner you buy a policy, the more coverage you will qualify for at lower industry rates. Applying for life insurance in your old age the higher your rates will be and the less coverage you will qualify for.
Some of the reasons why you shouldn’t prolonging getting life insurance are:
- 1. You never know when something could happen to you.
Even if you are young and healthy, there is always the possibility that something could happen to you. No one knows when their time will come, so it’s important to be prepared for the worst. Your family will be grateful that you had the foresight to get life insurance.
Having life insurance gives you and your family peace of mind in knowing that you are taken care of financially if something happens to you.
- 2. The sooner you buy a policy, the lower your rates will be.
Life insurance rates are based on your age and health. The younger and healthier you are, the lower your rates will be. As you get older, your health risks are much more of a concern, so insurance companies will view you as a high-risk applicant. This could result in you being quoted a higher rates or you may rejected from getting a policy altogether. If you wait too long to get life insurance, you may not be able to get the coverage that could both fit your long term and financial goals.
For example, a healthy 30-year-old man can get a 20-year, $500,000 term life insurance policy for around $15 per month. But if he waits 10 years to get the same policy, his rates will be substantially higher, often times more than double the rate.
- 3. Health condition that makes it difficult to get coverage.
If you wait until your later years to get life insurance, depending on your lifestyle choices, there is a high chance that you will incur a variety of health condition as compared to your younger resilient self, which will directly impact your odds.
Incurring illnesses that run in your family is far more prevalent in your later years of life. From high blood pressure to heart disease, these health factors pose as hindrances to attaining your preferred policy rates. Our lifestyle plays a big factor in our health, but we never know what tomorrow will bring, so getting a quote for life insurance is imperative while you’re still healthy.
- 4. Substantial the financial burden
If you don’t have life insurance and something happens to you, your family will have to bear the financial burden that comes with giving you an honorable send-off. These costs include funeral ceremony, burial, and any unsettled debts that remain after your passing. In most cases, a simple $500,000 policy, will allot your family enough to pay off a mortgage and any postmortem expense. These expenses can be stressful for an already grieving family, so having a insurance policy will allow family to spare no cost towards sending you to glory.
As you can see, there are many good reasons to get life insurance. It is a necessary safety net for your family in the event of your untimely passing. Waiting until your already old and grey will only be a detriment to getting the rates that will fit in your budget and getting the policy that could impact your loved ones.
However, keep in mind that life insurance is not a replacement for having an emergency fund. You should still have money set aside in case of unexpected expenses. We don’t always know what tomorrow will bring, so life insurance provides peace of mind of knowing that your loved ones will be taken care of regardless of the circumstances. It would behoove you to acquire a policy as soon as possible.
Sainte Anne’s Companion Care isn’t directly affiliated with any life insurance providers, but our staff of skilled companions understand how fragile life can be. Although our utility is meant to serve those already inflicted with illness, familiarizing yourself with home care services in your area in advance will streamline the search process. Sainte Anne’s Companion Care is a premier provider of Companion Care in Valley Stream, New York. We specialize in homemaker & companion services to keep you or your loved one(s) comfortable and supported. Contact us at (718) 717-3177 to learn more about our services or schedule a free in-home consultation on our website. The sooner, the better.