Many individuals delay purchasing Life Insurance for several reasons such as: It’s too expensive, they won’t qualify, they think they are going to live a long time, and when they are old they don’t need it.
Let me first say, Life Insurance may be the only thing in life you CAN’T delay! Like all insurance it’s too late to purchase it when you need it.
The average 30-year-old male (non-tobacco) living in Maryland can be covered for $250,000.00 at a cost less than $25.00 a month! That’s not some advertised price for the marathon runner who never had so much as a cold in their life. That’s the (standard rate) average person 10-30 lbs. over weight, might be taking blood pressure pills or cholesterol pills, maybe they have a mild case of allergies and asthma, or Type II diabetes (pill or diet controlled).
You have to be in seriously bad health, or recently diagnosed with a serious health condition to not be able to qualify at all due to your health. There are 10 different rate levels between standard and decline for many Life Insurance carriers. I have been able to approve people who have a history of Heart Attacks, Cancer, Strokes, Lupus, and more. The biggest thing the insurance companies want to know if you have health issues is that they are properly diagnosed, treated, controlled, and are not progressing. They need to know the likelihood of you passing away in a relatively short period. This doesn’t mean I can insure everyone, but a large majority of people can get Life Insurance.
The notion that you will not need life insurance when you are old and rich is just downright unrealistic. If you are fortunate enough to be very wealthy at any age you will most likely own life insurance, because it can be an extremely powerful financial tool. If you are in the other 99% and not extremely wealthy when you are old, you will need Life Insurance that much more. Because, the smaller your budget is, the more sensitive your livelihood is to financial changes. If one spouse predeceased the other than the surviving spouse will have an income loss. Their household social security income will decrease and possibly pension income(s) as well. Not to mention, many of our elderly are working part-time jobs to make ends meet.
No one is promised tomorrow, consider Life Insurance today!
Disclosure: This is not intended to be an exhaustive explanation of the underwriting requirements of any/or all insurance carriers. Health is not the only factor considered for Life Insurance underwriting. Rates and underwriting statements are subject to change at any time prior to an offer of coverage. This statement is not intended to provide legal advice and or tax advice. Before obtaining Life Insurance you may want to consult with an attorney, tax professional, and financial professional. The 99% statement is in reference to the popular reference of the “One percenters” and not any actual statistic. Everyone’s actual underwriting factors are unique and statements about past approvals do not indicate a promise of coverage for individuals with the stated health conditions. A controlled condition means that with treatment that person’s test levels within normal or acceptable range.
