5 Reasons You Should Have Bought Life Insurance Yesterday
My job as an insurance advisor is to help my clients protect their personal and business assets. So why is it that I always fall short in advising my clients to protect the most important asset they have: their life?! To make a long story short, it’s super morbid to talk to people about their impending demise. No one wants to think about dying, and even fewer people want to think about insurance, therefore life insurance is overlooked and avoided at all costs. Well, it’s time we address it because it is one of the most important things you can do for your family and business, and the sooner you do it, the better and cheaper it is.
- You just got married. When I married my husband, he had three, yes, three life insurance policies. Before you ask, no I do not have plans to become the next “black widow”. I do, however, appreciate that he cares about what happens to me when he is no longer around. Although it is a tight race, he is still technically the “breadwinner” and I would need to make some serious adjustments if all of a sudden I found myself going it alone.
- You just had/are having a baby. CONGRATULATIONS! Now stop being so selfish. Once a kiddo enters the mix, you really need to think seriously about the future. Can you imagine what life would be like for your spouse/significant other and child if you made an unexpected exit? Make sure they’ll be taken care of like you take care of them now.
- You play an essential role/own a business. First, may I just say:
- So what happens to your business when you die? Can you be replaced? How long would something like that take? Is it a family business? WHAT IS GOING TO HAPPEN??? With an appropriate life policy, these questions don’t need to be so scary.
- You have a policy that you bought when you were 25, and now you’re 50. Nice job! Was it a term policy? How high were the limits? If you already have life insurance, the fun doesn’t stop there. If your term is going to run out in 5, 10, 15 years, it may be a good idea to replace or buy a new one now. As you age, life insurance premiums increase, so buying now is always going to be cheaper than tomorrow. If your old limits were low and your situation has changed, it may be a good idea to check out some higher limits or maybe purchasing whole life or a return of premium policy instead of term.
- You are a human being with people who depend on you. Everyone should have life insurance. Just like we don’t want to be a burden to our loved ones in life, nor do we in death. It’s really that simple. In life we all make an imprint; we build things, we own things, we have debts and we have responsibilities. What will your legacy be?
The best time to buy life insurance is yesterday, not tomorrow. The longer you wait, the higher your premium will be, and the more you risk (I’m a total blast to be around, I know). So as an insurance advisor, I advise you to get on it. If you are concerned about cost, you should know that things have changed and there are more options available now than ever. Do your loved ones a favor, and at the very least look into life insurance. I promise that you will feel a whole lot better.