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4 Reasons to Buy Life Insurance Now

li-67No one wants to think about their own death nor about leaving their loved ones behind so life insurance often gets put on the back burner and only becomes a priority when illness or age make it harder to ignore. However, there are a 4  reasons why you should buy life insurance now.

Reason #1: Cost

If you choose a term life insurance policy, your premium costs may be lower. As with any insurance, premiums are based on risk. Younger people are less likely to die during the term of the policy so the risk is less as are the premiums. You can also keep the premiums low for an extended time by selecting a longer term for your policy.

Reason #2: Eligibility

While most term life plans don’t require a physical, you will have to answer some medical questions. Most whole life policies do require a complete physical. Either way, your current health is likely to impact your eligibility for coverage. By purchasing a policy now while you are still healthy, Protect Your Family with the Best Life Insurance Rates.
you reduce the risk of being denied coverage. Later on, you may find yourself rejected or facing high premiums because of changes in your health, such as a cancer diagnosis, high blood pressure, or even diabetes.

Reason #3: The Unexpected

Most of us assume we have plenty of time left to make these big decisions. But even if you are young and healthy, the unexpected can always happen. Car accidents, crimes, sudden illness, and other unexpected events can turn things around suddenly. By being prepared and buying life insurance now, you can be ready in case the unexpected does occur. After all, you don’t want to leave your loved ones in a financial bind simply because you thought you wouldn’t have to worry about life insurance for another few decades.

Reason #4: Need

Although having life insurance is always a good idea, our need for coverage actually decreases with age. When you are in your seventies or eighties your children are adults, probably with their own families. You’ll still have funeral costs and medical expenses but you most likely won’t be financially responsible for anyone else.

When you are just starting out in life, however, the story is different. You may have a young family, a mortgage, car payments and other expenses. You probably rely on two paychecks to keep your family financially stable. During this time, life insurance is critical. If you or your spouse suddenly die, your family’s financial situation would change overnight unless you purchased enough life insurance coverage to pay off the house and other bills so they have time to adjust to the loss.