Cost is often the reason cited for not purchasing life insurance. The irony is, it gets more expensive the older you get. No matter what age you are, there are many benefits for buying now as opposed to later. Here are just a few.
- It’s a good way to provide for your dependents, anyone who depends on your income. That could be a spouse, children, a relative with special needs, an aging loved one in long-term care or even a live-in boyfriend or girlfriend. Who would suffer if your paycheck disappeared forever?
- While age is not the only consideration in setting the rates for an insurance policy, it is an important factor. The younger you are, the less expensive your premium. Now is cheaper than later.
- Waiting is risky. If you were to be diagnosed with a serious health condition, it is sometimes difficult, or even impossible, to get insurance coverage. Getting life insurance while you’re healthy ensures you of the best rate. An illness can crop up at any moment and make insuring your income a very difficult experience after you’re diagnosed. Don’t put it off.
- It seems like there’s always a reason to reach into our savings. An alternative is a permanent insurance policy. In addition to a death benefit, it also provides a savings vehicle that is less likely to be dipped into than a savings account at the corner savings and loan. And if a real emergency pops up you can borrow against the policy if need be. It can also be used to supplement your retirement as well.
- If you are fortunate enough to have a job with benefits including insurance, that will give you some peace of mind. But it is rarely enough to cover your actual needs. And what if you become sick or disabled and are no longer able work? With job switching a more and more accepted part of the workplace nowadays you might find yourself no longer covered by a work policy.
- According to the National Funeral Directors Association, the average funeral costs around $10,000 today. And what about the debt you leave behind? Some may be forgiven, but some will not. Check with your lender to get an idea of what your loved ones will be responsible for.
There are just a few good reasons you need life insurance. Don’t put it off another day! For a comprehensive look at your situation, contact the professionals at Freedom Insurance.
Freedom Insurance
(410) 795-2000
Source: Eriesense Spring 15. Hard copy.
