Did you know that September is Life Insurance Awareness Month? Now most people are aware of life insurance, and they are probably even aware of the fact that they should probably have some, but many aren’t aware at just how inexpensive and simple it can be to purchase life insurance. Here at Quotacy we make it easy for you to research, compare, and buy life insurance right from the comfort of your own home. So, what are you waiting for? Need more convincing?
Here are 5 reasons why you shouldn’t wait to buy life insurance:
1. The older you are, the more expensive it is.
One of the main factors in determining the cost of life insurance is an applicant’s age. What is life insurance? It’s a financial tool to replace one’s income if that person dies, and the older you are the closer you are to dying. It’s just a fact. The life insurance companies make up for this risk by increasing premium costs as ages go up.
2. The longer you wait, the chances of a health issue arising increases.
The second main factor in determining the cost of life insurance is how healthy an applicant is. If you’re a healthy individual, your chances of dying soon are pretty low. Again, life insurance companies will raise the premiums if they are taking a risk in insuring an applicant. Health conditions an applicant may have could be deemed risky, depending on the situation.
3. It’s better to have it and not need it, than not have it and need it.
Auto insurance is something you are legally required to have, but hope you don’t need to use it. I would argue that life insurance is even more important to have, so why wouldn’t you get this too? You insure your vehicle, but not your own life? Sure, if you get rear-ended and the car goes in the shop, having to ask a co-worker for a ride to work for a week would be inconvenient, but imagine your family abruptly losing you and needing to figure out a way to make up for the income that is now gone. That’s much more than an inconvenience.
4. Insurance carriers aren’t going to drop their prices, but rates may increase.
Life insurance rates have fallen since their highs in the mid-1990s, but that trend is reversing.(2) In other words, the best time to buy life insurance is now. Rates are still historically low, so term life insurance is still very affordable, but you aren’t going to catch the industry on a downward swing anytime soon. The life insurance industry is extremely competitive, so companies won’t increase their rates a massive amount in one fell-swoop, but they will creep up as years go by.
5. Buying term life insurance is easier and less expensive than you think.
The Internet has made everything easier… with the exception of maybe staying healthy and fit by exercising, but that’s an entirely different situation. Researching, comparing, and purchasing life insurance can be done on any computer or mobile device. Quotacy has a quoting tool that doesn’t require any contact information, and you can play with the Needs Analysis Tool for as long as you need to until you feel confident in purchasing. If you still have questions, our friendly agents are more than willing to help you out via e-mail or a phone conversation, whichever method you prefer. The process for getting life insurance in place can sometimes be lengthy, but we’ll keep you posted and always make sure you know your options.
There’s no time like the present to purchase life insurance. You’ll be protecting your loved ones, and the sooner you buy, the more money you’ll most likely end up saving. Get a term life insurance quote today.
(1) Study Shows More Than Half of All Americans Will Get Heart Disease, TIME Inc. Network, Laura Blue, November 7, 2012
(2) Term life rates reverse, head higher, Bankrate.com, Michael Giusti
Photo credit to: Allen McGregor