According to a 2015 survey from Lincoln Financial and Whitman Insight Strategies, nearly 75 percent of Americans believe that life insurance coverage is necessary for financial security and peace of mind. Yet only 49 percent actually have a life insurance policy in place. Most of us avoid getting life insurance for one reason: plain old procrastination. We think its going to be a hassle to get covered. We tell ourselves that we dont have time to deal with life insurance agents. Or that we wont be able to afford the premiums. Sure, life insurance costs money. But with term life insurance rates as low as they are now, any breadwinner in reasonably good health can probably afford at least some coverage for his or her family. Here are the top four reasons to stop procrastinating about getting life insurance.
1. Every year that you grow older, your life insurance premiums go up. And many life insurance companies consider you a year older six months before your next birthday. That means your rates will probably never be lower than they are today.
2. Insurance carriers can change their rates at any time. At the time of publication, life insurance rates are incredibly low. According to the Insurance Information Institute, premiums are less than half of what they were a decade ago. But insurance carriers can raise their rates at any time. Thats why it pays to buy a policy now, before your rates have a chance to go up again.
3. Accidents can happen. Your life insurance premiums are based primarily on your health. Experiencing an unexpected accident or illness before you sign on the dotted line could make your rates skyrocket. A policy bought in good health will be much less expensive. Moreover, your premiums will stay level for the length of the term you choose – even if something should happen to you.
4. Shopping for term life insurance is easier than you think. Thanks to the Internet, shopping different life insurance companies for your best rates has never been easier. And with online applications like web chat and email, your interactions with insurance agents can be minimal – and entirely at your convenience. When youre ready to apply for a policy, online agencies like SelectQuote can help you fill out your application, answer any questions you might have, and make sure you get the best policy for your needs from the carriers they represent.
So if you want peace of mind, stop procrastinating about securing your familys financial future and get yourself a term life insurance policy. Not only will you be protecting the people who depend on you, youll be saving money in the long run.