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I’m only 28 years old and I never get sick. Why would I buy insurance now?

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In the years I’ve been working as an insurance advisor, I have helped clients work through hundreds of questions about their insurance needs. But one of the most common questions I get is “I’m only 28 years old and I never get sick. Why would I buy insurance now?”

Actually, this is the best time to get insurance. The younger you are and the healthier you are, the less expensive your insurance will be. In fact, the premiums you pay on a policy you obtain in your 20’s and 30’s (assuming you are healthy) can be less than $40 per month. As well, with many plans, you can secure your low rate for years to come by purchasing insurance and locking in the rate.

As we get older, our health risk factors increase, so insurance companies do charge higher premiums to account for this risk. If you wait until you are over 40 or 50 to purchase life or disability insurance, the premiums are going to be significantly higher than if you purchased in your 20’s or 30’s. Additionally, the odds of finding yourself with a pre-existing condition as you age are higher, also resulting in higher premiums or perhaps even exclusions to your policy.

Insurance policies make good financial sense when you are young. As we all know, accidents or illnesses can occur at anytime, and it is critical to ensure that you and your loved ones are protected. Even if you don’t have a family, should you suddenly pass away, your life insurance could be used to cover the estate expenses, funeral costs and more. Similarly, if you find yourself unable to work due to an illness, disability insurance can protect you until you transition back to work.

There are a multitude of reasons to purchase insurance – protecting your family, protecting yourself from a possible loss of income, a tax-sheltering strategy or even as an investment. Whatever the reason, the best time to buy insurance is when you are young and healthy.

Filed Under: Uncategorized Tagged With: age, disability insurance, life insurance

It is totally fair to compare market rates and life insurance policies to ensure you are not only getting the best rate, but also the best coverage. However, it is crucial to not cancel your life insurance plan until you have another plan fully lined up and paid for.  The last thing you want is to somehow get denied on your new plan and be without insurance, even if it is only for a short period of time.

Filed Under: Uncategorized Tagged With: cancellation, life insurance

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The information above is intended as a summary only. Your policy will contain complete details on terms and conditions, including benefits and exclusions.

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