You may not think you need life insurance now, but if you wait too long to
take out a policy, it could hurt you in the long run. Waiting until you feel you
really need a policy means you will be older and the odds of having health
problems increases. This can mean higher premiums or worse, being
completely denied for a policy. Starting a life insurance policy earlier in life is a smart decision all around
Age And Health Issues
It’s a simple equation: as we age our odds of having health problems
increase. You will also be paying the premium on the policy for a shorter
time period while being more likely to pass away. Insurance companies take
all of these factors into consideration when they determine your premiums.
Every year that you wait to take out a life insurance policy assures your
premiums will be higher. It also increases the risk that some health issue
will develop that will cause the insurance company to see you as a higher
risk. The higher the risk they see of having to pay out on the policy before
they have received sufficient premium payments from you, the more they
are going to charge you to protect their interests. So, the longer you wait to
get a policy, the more you are going to pay for it.
You Could Be Denied
If you are young and healthy you will be approved for a policy relatively
quickly. But as you age, health problems can crop up that might disqualify
you for a life insurance policy altogether. Heart issues, high cholesterol,
diabetes and more are all problems more likely to appear with age—and this
could mean you won’t be able to obtain a policy. If you take out a policy
before issues like this occur, the insurance company can’t take it away due to
changes in your health status.
Taking out a life insurance policy before you really need to have one is a
smart choice and an investment in your future. Once you have a policy in
force your premiums won’t increase, and as long as you continue to pay
them you will be covered for the duration of the policy—for your entire life if
you have chosen a Universal or Whole life policy. Even if you don’t have a
family to protect now, you will already be prepared for that eventuality and
have an affordable policy to cover them thoroughly.