The Clowe Agency Blog
10 Reasons NOT To Put Off Getting Life Insurance
There are several compelling reasons why you should not wait to get life insurance. Here are some of the most important ones (I See #6 Happen Often!):
Financial Protection for Loved Ones: Life insurance provides a financial safety net for your loved ones in the event of your untimely death. It ensures that your family members, beneficiaries, or dependents are financially protected and can maintain their lifestyle, pay off debts, cover living expenses, and plan for the future.
Coverage While Younger and Healthier: Life insurance premiums are generally lower when you are younger and healthier. As you age, the risk of developing health issues increases, which can lead to higher insurance premiums or even make it challenging to qualify for coverage.
Unforeseen Accidents and Illnesses: Life is unpredictable, and unfortunate accidents or health complications can happen at any time. Waiting to get life insurance exposes you to the risk of being uninsured if an unexpected event occurs before you secure coverage.
Locking in Favorable Rates: Purchasing life insurance earlier allows you to lock in more favorable rates. As you age, the cost of insurance tends to rise due to increased mortality risk, so obtaining coverage earlier can save you money in the long run.
Building Cash Value: Some life insurance policies, such as whole life or universal life insurance, offer a cash value component that grows over time. The earlier you start such a policy, the more time it has to accumulate cash value, which can be used for various purposes, such as borrowing against it or supplementing retirement income.
Protecting Insurability: Health conditions can develop unexpectedly, making it difficult or costly to obtain life insurance later. By securing coverage early, you can ensure that you have protection regardless of future health changes.
Business Obligations: If you are a business owner, life insurance can be essential for business continuity. It can provide funds to cover debts, buy out a deceased partner's share, or ensure the smooth transfer of ownership in case of your passing.
Peace of Mind: Knowing that your loved ones will be financially secure if something happens to you can bring peace of mind. Life insurance provides you with the assurance that your family's needs will be taken care of, even when you are no longer there to provide for them.
Estate Planning: Life insurance can play a crucial role in estate planning, helping to cover estate taxes or leaving a financial legacy for future generations.
Easy to Delay, Hard to Predict: The longer you put off getting life insurance, the easier it becomes to delay further. Life's demands and responsibilities can make it tempting to postpone purchasing coverage, but it's essential to prioritize your family's financial security.
Overall, obtaining life insurance early ensures that you have the necessary protection in place and can take advantage of lower premiums and other benefits that come with starting a policy sooner rather than later.
The Clowe Agency
6700 Cantata St. NW Ste. 205
Albuquerque, NM 87114
(505) 306-3811
