Why waiting to buy life insurance is a mistake

Why waiting to buy life insurance is a mistake

November 10, 2016
life insurance

We don’t like to think about life insurance, because we don’t want to think about the bad things that could happen to us. But bad things do happen, especially when you least expect them to. That’s why it’s so important to always have something set aside to cover possible expenses.

Life insurance is not always high on our list of priorities. If you’re young and healthy, nothing can hurt you, nothing can happen to you, you’re indestructible. So you tend to always postpone getting life insurance. But this is a big mistake. And, if you wait until your health deteriorates before getting life insurance, you will find out just how big this mistake is.

No matter what kind of coverage you buy, it’s always better to get it sooner rather than later. Here’s why:

1. You save money

Age and health matter when you get life insurance. Insurers like young and healthy individuals a lot more and are more willing to offer them a better deal. If you want to save some money, securing life insurance coverage earlier in life is the best way to go.

2. You qualify much easier

There’s not much difference between life insurance and car insurance. If you want to get one, you need to have a medical exam and tell the insurers everything they want to know about your personal medical history, as well as your family’s health history.

Past medical issues will make it harder for you to get the deal that you want, because insurers will see you as a high risk customer. Not only that, but, over a certain age, you might not be eligible at all for it, no matter how healthy you are.

3. You will be able to cover future expenses

Old age comes with many expenses, expenses that might not cross the mind of a young individual just starting adult life. But it’s easy to cover these expenses with life insurance. You may not know this, but life insurance death benefits are tax-free. So the policyholder can establish a take care of those future expenses in full and at a much lower cost, thanks to age and health.

Bottom line

Life insurance is not to be ignored. You might feel like you don’t need it now, but you will, later in life. The sooner you take care of it, the easier will it be for both you and your wallet.

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