Life insurance is a valuable tool to help safeguard your family’s financial future. You want your loved ones to be taken care of in the event of your passing, so it’s important not to delay your purchase of a life insurance policy. By being proactive about shopping for life insurance, you can lock in a better rate and ensure protection for your family now. In this article, we’ll walk you through the benefits of buying life insurance now.
1. You Have Been Looking at Life Insurance for a While
If you were to pass away unexpectedly, life insurance can help make sure your loved ones have a financial safety net. Life insurance offers priceless peace of mind, but there are also many affordable options to help you find coverage within your budget. If you’ve been going back and forth on purchasing life insurance, now is the time. The sooner you shop for life insurance, the easier it is to lock in an affordable rate on your policy.
2. You Know You Need Life Insurance
Waiting to purchase a life insurance policy can not only cost you more in the long run, but it may impact your ability to purchase a policy in general. There is truly no better time than now to consider buying life insurance. Each year you delay buying life insurance, the cost of premiums can increase, on average, by 4.5-9%. And as we age, the more likely we are to develop medical complications that can lead to higher premium payments or being declined for coverage altogether.
Term life insurance tends to be more affordable, especially for individuals who are younger and in better health. While whole life insurance tends to be more expensive, it could have varying perks for some people. Regardless of the type of policy you choose, you know you need life insurance, and sooner is always better than later.
3. Right Now is the Best Time to Buy Life Insurance
From day to day, life insurance can seem like just another expense, when in reality, it can save your family from experiencing significant financial strain if something were to happen to you. If a life insurance policy isn’t in place at the time of your passing, your family could be responsible for:
Student loan debt
Emergency or medical costs
Costs associated with acquiring healthcare and/or health insurance
Mortgages
Credit card debt
College tuition
Life insurance is an affordable way to protect the people you love and care about most. It’s a safety net so your family can continue living life and pay for important things like the mortgage, college tuition and even final expenses in the event you are unable to do so. Buying a life insurance policy now can give you and your family invaluable peace of mind for the future.
4. Looking to finally buy life insurance? Let SelectQuote help you make the right decision.
There’s much to consider when shopping for life insurance, but we’re here to help. At SelectQuote, our licensed insurance agents can search plans from highly trusted carriers in just minutes. We’ll compare quotes on your behalf, finding coverage options that meet your needs and budget.
