The Pangs of Waiting to Buy Life Insurance!

For some individuals, the subject of life insurance paralyzes them with fear. Still, none of us really want to think about our demise; however, one day our family or friends will have to say goodbye to us. Therefore, if you need life insurance coverage, it is important to make this purchase while you can afford it, need it and easily qualify for it.

The price of life insurance does not normally get lower as one ages. In most cases, it is certain to go up, even if you are considered to be in excellent health. As we grow older, there is a greater chance of mortality (death). Therefore, you should expect to pay a lower premium in your twenties than in your fifties or sixties for the same type of life insurance policy (i.e. universal life insurance) and face amount (i.e. $100,000). You should buy life insurance when coverage is truly needed, even in your early twenties or thirties. Otherwise, you run the risk of not being able to afford it, if you decide to procrastinate for years, before getting insurance coverage.

Some people know they need life insurance. They might wonder how their family will afford to bury them or their spouse and children survive without their income. It can be agonizing to think about these scenarios. However, on a daily basis, some family will be burying a loved one and the financial fallout of a lack of planning can be devastating to all left behind. A grieving spouse might have to borrow money from a bank or other relatives to bury the deceased, or later on, be forced to sell the house on the open market and move into a smaller home or an apartment, in order to avoid financial ruin.

Buy life insurance while you are qualified. Remember that the cost of premiums are lower for those in excellent health than those with medical conditions that are associated with higher mortality (e.g. high blood pressure or venereal disease). Some medical conditions can cause your application for life insurance to be denied, including diabetes or severe asthma. Therefore, the price of waiting to buy life insurance can be enormous, especially if are diagnosed with a critical illness, such as those listed above. There are a few insurance companies that will cover severe asthma or diabetes, but it will be for a limited amount of coverage (i.e. $5,000 face amount) and you have to live a certain amount of time after the policy is approved so that your beneficiary can receive the face amount of the policy minus any outstanding loans. Otherwise, your beneficiaries will likely receive the premiums paid into the policy minus any outstanding loans.

Contact your local insurance agent if you need to speak about life insurance options. While you may never see the benefits of buying life insurance, your family will thank you if they could, for planning for their future and not leaving them with an unpaid funeral bill.

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