As we head into 2023, you might 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 need a policy means you will be older, and the odds of health problems increase. This can mean higher premiums or, worse, being ultimately denied 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 consider all of these factors when determining your premiums. Every year you wait to take out a life insurance policy assures your premiums will be higher. It also increases the risk that some health issues 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 receiving sufficient premium payments from you, the more they will charge you to protect their interests. So, the longer you wait for a policy, the more you will pay.
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 from 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 need 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.
If you are looking for life insurance, give East Harlem Insurance Brokerage a call to help you protect yourself and your family.