Now is always better than later.
When it comes to life insurance, now is always better than later.
You can’t purchase home insurance when your house is on fire. And you can’t purchase life insurance if your health has declined significantly.
I have personally seen how waiting to purchase insurance is never the answer. You always pay more if you delay. First of all you are older … and coverage is more expensive the older we get. And secondly, and this is my biggest concern, health typically declines as we get older. We gain weight or develop conditions like high blood pressure, diabetes or even cancer. Even the health conditions of our immediate family (brothers, sisters, parents) affect our ability to qualify for insurance as many conditions are considered hereditary.
And for all these reasons it is a mistake to wait to get coverage. Many investor clients postpone wealth insurance until they have the larger premium amount required for permanent cash value insurance. Why take the risk when you can “rent” your insurance until you can afford to “own” it.
Have your cake and eat it too!
Term insurance or permanent cash value insurance … you don’t actually have to choose.
- You can get term coverage now that is convertible in part or whole to permanent coverage.
- You can make one policy that combines term and permanent.
- You can have more than one policy to create the best scenario for your financial picture and fully insuring your family.
Its easier than you think to get the coverage you need now, lock in your health, all within your current budget.