TUESDAY, AUGUST 16, 2022
There are many reasons why you might put off getting life insurance. Perhaps your employer will provide you with coverage at a later time in your work life with them. Perhaps you just don't feel there is a risk and you don't want to be burdened with the extra expenses of a policy.
On the other hand, there are some very good (and financially big) reasons to obtain coverage now rather than waiting any longer. Most of the time, these policies are a blessing — because they not only help to meet the needs of your loved ones when the worst happens, but they also provide a sense of peace of mind for you.
Why Now?
Take into consideration these key reasons to secure life insurance now rather than waiting any longer to obtain a policy. 
Number 1: Rates are Going to Go Up
The biggest reason to buy now is that it costs you less now than it will cost later. If you wait even a year or two, you'll see your rates are higher than if you had purchased them now. Some policies allow you to lock in this lower rate for a long period of time, potentially saving you money over your lifetime. In short, it is more cost-effective to buy now.
Number 2: Your Health Could Worsen
What if in the next few years you were diagnosed with a health condition? Even factors such as heart disease and high blood pressure can significantly impact how much you may pay for life insurance. Even if you remain very healthy, an unexpected injury or illness can occur at any time. Consequently, these unexpected health events could cause your life insurance premium to rise.
Number 3: You Can Add Financial Security
When you select certain types of life insurance, you gain the benefit of being able to borrow against it over your lifetime. Universal life, for example, maintains a cash value, allowing you to have a backup funding source in cases of emergency.
The older you get, the more you'll pay for life insurance. Getting it now, locking in a low rate and not having to worry about your future can be very beneficial in the long term.
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It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional
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