Insurance is one of those subjects where you either have it or don’t. Many people put off getting life insurance, for example, because they don’t think they need it yet or they believe they have plenty of time to get it in the future. However, waiting to get cover can be a risky decision that could leave your family vulnerable in the event of your untimely death.
Here are some reasons why you shouldn’t wait to get a life insurance:
Why take the risk?
Life is unpredictable, and we never know what could happen tomorrow. By putting off getting a life insurance policy, you’re essentially leaving your loved ones worse off in the event of an unexpected tragedy.
If you have a good amount of savings, your death may not have much impact on your loved ones – financially speaking, of course! But this is not always the case for everyone. Without life insurance in place, your loved ones could be left struggling to cover things like funeral expenses, outstanding debts, and everyday living costs.
So by taking out cover, you not only give your family peace of mind, but it’s also one less thing you have to worry about.
Death is a certainty
There is one thing you can count on in life, and that is death. No one can predict when or how it will happen, but the truth is, it’s inevitable for all of us. While there’s no reason to live for tomorrow just yet, it’s important to be prepared.
It’s easy to put off buying cover, especially if you’re young or you don’t have dependents just yet. But life can move very quickly. Before you know it, you could be married with kids and all of a sudden, the need for protection becomes more urgent.
You’re only young once
In most cases, premiums for life insurance are cheaper when you’re younger. Why? Well, mainly because you’re typically healthier and less likely to have any pre-existing health conditions. This means that just by waiting, you could end up paying more in premiums later on.
Now, of course, for someone in their 20s, life insurance is a distant thought. But by taking out a policy now, you could lock in a lower premium rate for the future. Plus, you don’t know what health issues could arise as you age that could make it difficult to get cover later on.
It could cost you later down the line
So you don’t buy cover when you’re young, thinking you’ve got plenty of time to do so later on. But what happens if you develop a serious health condition in your 30s or 40s? Suddenly, getting life cover becomes much more difficult and expensive.
When you apply for life insurance, insurers look at two main factors – age and health. Generally speaking, the younger you are, the healthier you are likely to be. So if you wait until later in life to get a policy, there’s a higher chance that you could be declined or charged higher premiums due to health issues.
By waiting to get a policy, you’re essentially rolling the dice on your future insurability. And if something were to happen to you before you secure cover, your loved ones could be left with a significant financial burden.
So what type of life insurance should I buy?
When it comes to choosing a life insurance policy, there are a few different options to consider. The two main types of life insurance are term life insurance and whole life insurance.
Term life insurance is typically more affordable and provides coverage for a specific period of time, such as 10, 20, or 30 years. This type of policy is great if you’re looking for temporary coverage to protect your loved ones during your working years when they may rely on your income the most.
On the other hand, whole life insurance provides cover for the rest of your life – so long as you keep making payments to your insurer. While this type of policy can be more expensive, it offers lifelong protection which can give real peace of mind to both you and your loved ones.
Ultimately, the decision on what type of life insurance to buy will depend on your individual circumstances and needs. It’s important to speak with a financial advisor or insurance agent, who can help guide you through the process and find the right policy for you.
