When To Take Out A Life Insurance Policy?
I WILL NEVER DIE!!! I DON'T CARE ABOUT MY WIFE!!! WHEN I DIE
, IT WONT MATTER WHAT HAPPENS!!! Well, these statements, which we have heard, may sound selfish but they are a what some people feel. And feelings do matter. As a matter of fact, I am willing to bet that most people buy life insurance on feeling rather than logic. I LOVE MY WIFE SO...I LOVE MY FAMILY SO... I LOVE MY CAT SO...I LOVE MYSELF SO...and on and on.Now to get back to the title of this article. When is the best time to take out a life insurance policy? The answer is, when you feel like it because it feels right, or you feel you can afford it...Many people will also have a logical reasons for their decision. Many of those reasons, we agree with. For example, it is very important to take out a policy if you care to leave your loved ones with something after you die or to make sure your business partner has a funded buy out plan (more on that some other time).
If debts are involved you should be even more sensitive to have enough life insurance to pay them off. It's one thing to leave others with no money, it's another to leave them with no money and a ton of debts. You should at least make sure that all debts are paid off after you die. So, a good time to take out a life insurance policy is BEFORE you die and preferably before you develop some bad ailment. Insurance companies, contrary to what some may think, are in the business of making money. So they will make sure that you are insurable before they give you a policy. So, if you do care to help your family after your death, then apply for life insurance ASAP. You don't have to get a super policy either. Start small, for example get a 10 year term life insurance policy. It is inexpensive and it will at least cover some of your needs until you can afford something else. Feel free to ask us questions and request quotes. We will be happy to help.
So, to recap, when do you need to take out life insurance? The answer is...as soon as you can. Waiting, will only raise your rates, increase your chances of having to pay more because of a health issue or disqualify you from any insurance coverage. Did you know that a 35 year old male, non-smoker, can get a $500,000 ten year term life policy for about $15/month. It is just not worth the wait! Be well and as always, don't forget to ask a lot of questions before applying for any life insurance policy and review your policy once your receive it. You always have, at least, 30 days to change your mind with no obligation. Be well.
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