Life Insurance 101: The Cost of Waiting Too Long
You're sitting in a restaurant with close relatives and friends celebrating your 35th birthday. The ambiance is beautiful, music is awesome, and in walks the server with your cake with the number 35 illuminated with fire. You make a wish, blow out the candles, and enjoy that delicious cake. A week later, you're not feeling well and schedule an appointment with your doctor and what they find is a cancerous tumor in your stomach. Surgery and chemo are in your immediate future. You had been contemplating getting life insurance but your schedule was always incredibly hectic so you kept putting off your appointment with your life insurance agent. Now, life insurance coverage isn't even an option. Your mind is running rampant about everything that could possibly happen to you or your husband and children if you don't make it through this. You're only 35 years old and you thought you had more time to get things in order. How could this be happening?
While the story above is fictional, you must know that 1 in 2 women and 1 in 3 men will experience cancer in their lifetime. You must also know that over 30% of people who have heart attacks are between the age of 35 to 54. We can no longer say we're too young.
The cost of waiting too long is a detrimental mistake many people make. It's quite obvious based on the number of GoFundMe accounts (3,025,491 funeral fund accounts as of 7/15/2020). As a life insurance professional, there are 3 common scenarios that will affect the procrastinator:
- Premature death - The story above is a classic example seen far too often. We know when we're born but we don't know when it's our time to meet our creator.
- Critical injury or illness - We're all one doctor's visit or one intersection away from our life changing permanently.
- Aging equals higher premium - If you wait too long to apply for life insurance coverage, the premium will increase to a less affordable contribution.
No one ever plans to get sick, critically injured, or die prematurely but not planning is what has caused an increase in bankruptcies and crowdfunding like GoFundMe. Let's change the narrative in the lives of our family by simply planning ahead!
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