The Risk of Becoming "Non-Insurable" by Delaying Life Insurance

Delaying the purchase of personal life insurance can carry significant risks, primarily the danger of becoming "non-insurable." This term refers to a situation where an individual can no longer qualify for life insurance due to health issues or other factors. Here’s why it's crucial to act sooner rather than later:

1. Health Changes: As time passes, the likelihood of developing health conditions increases. Conditions such as heart disease, diabetes, cancer, or even less severe ailments can make it difficult or impossible to qualify for life insurance. Even if you do qualify, these conditions can lead to much higher premiums, making insurance less affordable.

2. Age Factor: Insurance premiums are largely based on age. The younger you are when you purchase a policy, the lower your premiums will be. Waiting means you will inevitably face higher costs as insurers factor in the increased risk that comes with age.

3. Job and Lifestyle Changes: Life circumstances can change unpredictably. A change in occupation or lifestyle habits, such as taking up a risky hobby, can also affect your insurability and premiums. Securing a policy now locks in your current health and lifestyle status, protecting you against these future uncertainties.

4. Unforeseen Events: Accidents and sudden illnesses can occur at any time. Being uninsured or underinsured at the time of an unexpected health crisis can lead to devastating financial consequences for your family.

5. Life Insurance as an Investment: Some life insurance policies, such as whole life or universal life, accumulate cash value over time. This cash value can serve as an investment, providing you with a financial asset that grows tax-deferred. The earlier you start, the more time your policy has to build significant cash value, offering you additional financial security and flexibility.

By obtaining personal life insurance early, you safeguard against these risks. You ensure that your family remains protected, no matter what changes occur in your health or life situation. Moreover, you benefit from lower premiums and the peace of mind that comes with knowing your loved ones will be financially secure.

Waiting to secure personal life insurance can result in higher costs, limited options, or, in the worst case, the inability to obtain coverage at all. By acting now, you can lock in favorable terms and provide a stable financial future for your family.



Comments

Post a Comment

Popular posts from this blog

A Washington Educator's Feedback and Questions for Secretary of Education Nominee Betsy DeVos through US Senator Patty Murray

Thank you for the invitation to share my thoughts with Senator Murray for Ms. DeVos. As a point of reference, this is my 26 th year as a public school administrator/teacher. I have served students in Washington, Oregon and Nevada. I have served as a music teacher, Middle School Assistant Principal, High School Assistant Principal, Director of Alternative School, High School Principal, Director of Educational Non-Profit, Assistant State Superintendent (supporting WA under-performing schools—285 schools holding 250,000 kids) and currently Superintendent in the Lyle School District. I have six children. 2 have graduated from public schools and 4 are still enrolled in WA public schools. I have served as a Union President for school administrators in Nevada and am currently the President Elect for the Washington Association of School Administrators for ESD 112. Thoughts on Ms. DeVos: There are a myriad of data points about her absolute lack of qualifications to serve as our nati
Read more

Faces in the Crowd

Image
493 faces in the crowd from 1306 SW Webster Street to the Starbucks on Westlake at South Lake Union, Seattle, WA. Even gender division, well-dressed and disheveled, young and old, tired and alert, black, brown, white and in-between. 493 faces in the crowd. On the street corner. Metro bus route 125. South Seattle Community College. Westlake Center. Sidewalk passing Fantasy Girls adult theater. 493 faces in the crowd. I noticed 493 different faces in the crowd this morning. Counted them actually. I was struck by the enormity of the work within our public schools in Washington State and around the country. I paused this morning to consider the differences portrayed on the faces I passed. What is it that creates "the look" of each face I passed. What role did/will teachers play in the attitudes of fellow human beings that crossed my path this morning? There really seemed to be no "in between." Faces were filled with joy, hope and optimism or sadness, despair
Read more

Leadership and the Danger of "I" and "Me"

Leadership matters. Leadership matters in all sorts of ways. Leaders give us hope. Leaders help us have the courage to make challenging choices and decisions. Leaders are selfless. Leaders promote others, care, have empathy and don't belittle those who are different than themselves. Leaders acknowledge their success only in relationship to the overall growth and improvement of those who they lead. As a school and district leader for the past 22 years I have worked diligently to try and improve the school communities that I've served. The goal has always been to work in collaboration with all stakeholders for better outcomes for kids, families and communities. Through each of these roles some degree of success and progress has been experienced. I've never believed for even a moment that "I" held the key, magic potion, or silver bullet. Leadership matters and what I know to be true about the leaders that I've watched in my lifetime succeed in serving their r
Read more