What are the actual costs of waiting to buy life insurance? It is human nature for people to drag their feet when considering the thought of purchasing a life insurance policy. They usually have a laundry list of reasons why they should wait before actually becoming serious and applying for a plan. By far the most important point to remember is the longer you are uninsured, the greater the risk of leaving your dependents in jeopardy.
This nightmare happens all the time and it can change the course of your dependents lives forever. Term life insurance is very affordable especially if purchased at a younger age. The high cost of life insurance procrastination is an event I see on a regular basis and it is definitely a very expensive practice.
The one important concept to remember is that term life insurance rates are based on your age and your health history.
For example, a 20 year term life insurance policy issued in a preferred rate class at age 30 for a face amount of $500,00 would be approximately $325.00 per year. At age 40 the quoting premium would increase to $485.00 per year. At age 50 it would be $1200.00 per year and finally at 60 years of age it would be approximately $3,300.00 per year. These are all accurate figures that can change slightly depending on the life insurance companies you are using for the quoting process.
Your best strategy is to apply for insurance while you are young and healthy. In the last example the 60 year old probably could not even afford the premium and would have to slash the face amount down to a point where it would prove to be too low to protect his or her family properly.
Here is the most common excuse for NOT buying life insurance:
“It cost too much”. Most people always go for this excuse first but they are not even comparing the purchase of term life insurance to anything at all. This excuse sounds good but you have to remember that you can purchase life insurance for a cost of just a few cents a day especially if you buy it when you are reasonably young and healthy. This excuse is usually weak and no help to your dependents if you suddenly die. This is one of the main reasons to purchase life insurance as soon as possible. The longer you wait the more expensive it will be.
The average consumer has a number of important expenses to pay each and every month.
Most of the American families blow off purchasing life insurance since they try to prioritize their day to day debts such as mortgage payments and car payment obligations. If you are financially struggling now, just try to consider how it would be without the income of the main income producer of the family coming in. A few bucks spent on affordable life insurance today can save the day when you survivors need this income most. It is a very common practice for consumers to put off applying for affordable term life insurance until they are in their 50s and 60s and reality starts setting in as to what would happen if they suddenly passed and left their family members without a monthly income. By this time, medical conditions might have entered the picture which would in turn drive up their rates. This simply become a vicious circle of events.
“I don’t have enough time to make an educated purchasing decision”.
This is just another form of procrastination that does not hold water. An experienced life insurance agent can show you a huge display of term life insurance quotes on a modern day quote engine within the matter of minutes. The application process can also short and sweet with a simple telephone life insurance application that will take about 30 minutes. No matter how you look at it, you have the time. This all revolves around the fact that most people look at life insurance as a product that is only good after you die. That is no longer true with all the inexpensive riders that can be attached to a life insurance policy with “Living Benefits” such a the excellent plan designs offered by Transamerica for example.
Naturally the consumer is normally not going to be a life insurance expert but that is where life insurance agent/brokers come into play.
Your agent is the one with the training and experience and can help you make the choice within the matter of minutes. Your agent can go over the main types of life insurance such as Term life insurance; Universal life insurance and Whole Life insurance plan designs and show you a display of life insurance quotes on his or her quoting engine. You do not need to know a lot about life insurance if you utilize a good agent or broker. Their assistance is totally free and with no obligation what so ever. There are many life insurance companies that have reduced their rates and increased the benefits making the product much better than ever before.
The purchase of a life insurance policy is a very important decision that takes planning and can give you the peace of mind that you family will be protected.
If you have been found yourself utilizing any of these excuses, it’s time to make the move to purchase your life insurance and ensure the financial well being of your family and their financial future. Making these excuses as I have said before is simple human nature but you have to make the decision and not pay any more money that you have to by waiting and watching the life insurance quoting rates go up for every year you get older. Many people do this and eventually never buy life insurance, pass away and then their family pays the piper. All you have to do is just sit there for a few minutes and makes some mental notes of your monthly expenses rolling in each month and just think about what would happen if you passed away and your income came to a screeching halt. This is not very complicated, it is just common sense.
When is the best time to buy life insurance?
The simple answer is right now before you get any older than you are or get diagnosed with a medical problem which can cost you more premium dollars or simply prevent you from buy life insurance completely. If you simply cannot afford the calculated face amount which could be for example $500,000, purchasing a lower more affordable death benefit such as $250,000 will certainly help your family more that none at all. Only buy what you can simply afford so the premium never becomes a financial burden.
Usually the procrastinators wait too long and then have to settle for a shorter term period and or face amount to fit their budget vs. purchasing what they really need to do the job properly.
Term life insurance with “Living Benefits” incorporates many new benefits that add a lot of extra value to a life insurance policy.
As I had mentioned, the modern Term life insurance products today have “living benefits” incorporated into the policy to cover medical illnesses and the loss of income related to your illness while you are alive. You can actually receive up to 75% of the face amount for critical illnesses such as heart attacks, strokes, cancer and a number of others. These plan designs are definitely worth checking out.
These types of policies have a lot of value going far beyond just offering just a death benefit. Feel free to contact us at any time and we will show you all the newest life insurance policy designs on the market today. There have been a lot of new and beneficial changes in the life insurance industry in the last few years including lower rates based on the fact that people live longer than they used to years ago. Our service is free and without any obligation to the consumer. Take out a few minutes and give us a call today!
Don’t forget to take advantage of our free consumer quote engine on the right where you can instantly compare the most competitive term life insurance quotes in less than a minute.