Every year, we hear the same question “when should I buy life insurance?” It’s vital that you have life insurance when you need it, but you can’t predict the future, so how are you supposed to decide when to apply for a life insurance plan.
Most consumers put off buying life insurance until there is a triggering effect. The most common triggers are:
- New job
- Loss of a loved one
- Purchase of a home
- Birth of a child
So when should YOU buy life insurance? My answer always is NOW. If you’re asking yourself this question and reading this article, something has got you thinking about life insurance. It may be one of these common triggers or it may be someone you love being financially dependent on you. Whatever the reason is, the worst thing you can do is wait. Here’s why:
The Younger You Are The Cheaper Life Insurance Will Be
Every year that goes by, the cost of life insurance goes up due to your age. Also, with the current market volatility, life insurers are required to keep higher reserves and therefore life insurance rates keep rising. With both of these factors it’s safe to say, the longer you wait, the more you’ll pay.
The biggest factor that goes into calculating your insurance premiums is your age. Applying for life insurance now could save you hundreds, or even thousands of dollars every year on your policy. Even if you don’t need life insurance right this moment, it’s a good idea to buy it a couple years earlier to save the money on the premiums instead of waiting and paying more later.
For example, let’s say that you don’t have any debt right now, but you plan on buying a home in the next year or two. While you have very little life insurance need right now, in two or three years, you’ll pay more for your coverage. You can save money on your policy by applying now instead of waiting those years. So no matter if you are needing insurance for yourself or a life insurance policy on your parents; we can help you find the coverage you deserve.
Tomorrow’s health is guaranteed to no one. You need to qualify medically for a life insurance policy. For most people, their health won’t get them rejected. The insurance company wants to look for any serious health problems.
Don’t wait until your health declines and it becomes unaffordable or worst – unobtainable. At RootFin.com we specialize in helping those with health issues find affordable coverage and all of them wish they would have taken care of their life insurance BEFORE they developed these health issues. Remember, even Superman has his Kryptonite.
Timing is everything in life, and in life insurance. Do your research, keep an open mind and speak with an independent and EXPERIENCED life insurance agent.
Maybe you’re concerned about qualifying because you are needing high risk life insurance or affordable life insurance with no medical exam. If so, we can answer your questions and help you get the coverage you deserve.
When you talk to our agents about getting cheap coverage, we can also answer the other questions for you. A lot of our clients ask how much coverage they should buy.
Aside from finding the right kind of plan, the size of the policy is the next most important factor.
Determining the answer to this question is simple. You need to do the math.
Your policy needs to pay off your bills and replace your income. If it does these two things, then your policy is large enough. Take the time before you buy a plan to add up these numbers.
Sure, having some insurance is better than having none at all. If your policy doesn’t have enough coverage, your family members are going to have to dip into their savings account to solve your financial problems. This probably isn’t the legacy you wanted to leave behind.
Getting The Most Affordable Life Insurance Policy
Now, let’s talk price. Everybody wants to save money. Luckily, there are some key ways you can do this.
With life insurance, it’s not as easy as cutting coupons or waiting for a BOGO sale, but it could be simple.
One of the easiest ways is to contact one of our agents. We have the ability to sell you an insurance plan for over 60 companies. If you use our contact form, you’ll be in touch with all of those companies at once. Think about the time it’s going to save you.
You want to present the best possible case to the insurance company. You want to show them you are not a high-risk applicant. Improve your health as much as possible. If you are in good health, then you’re going to enjoy cheaper premiums.
This means focusing on your health as much as possible. Don’t smoke, don’t drink excessively, make healthier food choices, go for a walk instead of watching TV. These simple changes could have an enormous impact on your life insurance premiums.
Give one of our agents a call and we can get you started on your search for cheap life insurance coverage. Why wait any longer?