Life Insurance – What are you waiting for?


Waiting too long Many individuals delay purchasing Life Insurance for several reasons such as: it’s too expensive, they won’t qualify, they think they are going to live a long time, and when they are old they don’t need it.  Life Insurance may be the only thing in life you CAN’T delay!  Like all insurance it’s too late to purchase it when you need it.

Let me respond in this order: The average 30 year old male living in CA can be covered for $250,000.00 at a cost less than $25.00 (non-tobacco standard rate) a month! That’s not some advertised rate for the marathon runner who never had so much as a cold in their life. That’s the average person 10-30 lbs. over weight, might be taking blood pressure pills or cholesterol pills, maybe they have a mild case of allergies and asthma, or Type II diabetes (pill or diet controlled).

You have to be in seriously bad health, or recently diagnosed with a serious health condition to not be able to qualify at all due to your health. There are 10 different rate levels between standard and decline for many Life Insurance carriers.  I have been able to approve people who have a history of Heart Attacks, Cancer, Strokes, Lupus, and more.  The biggest thing the insurance companies want to know is that if you have health issues that they are properly diagnosed, treated, controlled, and not progressing.  They need to know the likelihood of you passing away in a relatively short period of time.  This doesn’t mean I can insure everyone, but a large majority of people can get Life Insurance.

The notion that you will not need life insurance when you are old and rich is just downright false.  If you are fortunate enough to be very wealthy at any age you will most likely own life insurance, because it can be an extremely powerful financial tool.  If you are in the other 99% and not extremely wealthy when you are old, you will need Life Insurance that much more; because, the smaller your budget is, the more sensitive your livelihood is to financial changes.  If one spouse predeceases the other than you will have an income loss due to social security rules and possibly pension income(s) as well.  Not to mention, many of our elderly are working part time jobs to make ends meet.  If you have been putting away every extra penny you earn, and feel like you can survive without life insurance, than I say congratulations to you!  Well done!  Bravo!  I still have no doubt that life insurance should be at least part of your estate planning.

The real reason people avoid life insurance in my opinion is the part of our humanity that we would rather not think about till we are forced to.  The acceptance of our own mortality is a legitimate concern but one that cannot be avoided .  The second is the person who loves no one and nothing in this world above themselves, has no need for Life Insurance.

Let’s face it, all life insurance is at least a small personal sacrifice, and you will not be around for its biggest benefit.   If there is someone or something you care about enough to make a small sacrifice for, than perhaps that love can overcome the fear of  your own mortality.

“Each of us is merely a small instrument; all of us, after accomplishing our mission, will disappear.”  ~Mother Teresa
No one is promised tomorrow, so consider Life Insurance today!

 

Disclosure: This is not intended to be an exhaustive explanation of the underwriting requirements of any/or all insurance carriers. Health is not the only factor considered for Life Insurance underwriting. Rates and underwriting statements are subject to change at any time prior to an offer of coverage. This statement is not intended to provide legal advice and or tax advice. Before obtaining Life Insurance you may want to consult with an attorney, tax professional, and financial professional. The 99% statement is in reference to the popular reference of the “One percenters” and not any actual statistic. Everyone’s actual underwriting factors are unique and statements about past approvals do not indicate a promise of coverage for individuals with the stated health conditions. A controlled condition means that with treatment that person’s test levels within normal or acceptable range.

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