Death in the family is difficult enough on an emotional level without having to deal with the unexpected, burdensome expenses that are often associated with it (think health care and funeral costs). If you’re the breadwinner in the family, you’ll also sleep better at night knowing that your loved ones will be able to pay the mortgage, the monthly bills, and (eventually) college tuition for the kids, should anything ever happen to you.
So what are you waiting for? Insurance isn’t getting any cheaper, and you’re not getting any cheaper to insure!
Consider the following factors which largely determine your monthly premiums:
- Your age
- Any health problems you’ve been diagnosed with
- Any health problems your immediate family has been diagnosed with
- Early death of family members due to health-related causes (vs. accidental death)
Why should you get life insurance sooner rather than later?
- The insurance company’s expenses and inflation are going up, not down. Consequently premiums are always increasing.
- You’re getting older every year.
- Health inevitably declines with age, so every year that passes means you’re at least a little more likely to be diagnosed with a health condition that would result in higher premiums on a new policy.
- Your family will continue to be newly diagnosed with health conditions that would result in higher premiums on a new policy.
- If you get the policy before any family members (or you, yourself) are diagnosed, you can honestly answer “no” to those questions and thereby minimize your premiums. If it hasn’t happened yet, they can’t include it in their calculations.
The bottom line is this: shop around, then sign up for 20 or 30-year level-term life insurance. You’ll lock in the rate for the duration of the policy, and the sooner you do it, the more money you’ll save.