When it comes to buying life insurance, there’s no time like the present. There are many reasons behind this. When you sign up while you’re younger, it not only costs you less but allows you to more likely be approved for the policy.

Why Do Younger People Pay Less?

The insurance company assigns lower premiums to younger people because they are less of an insurability risk.

Insurance companies cannot remain in business if they dispense hundreds of thousands of dollars without getting a regular stream of income. In order to offset this loss, they charge premiums and base these costs on the number of years their policyholders will be able to pay them. Smaller premiums over the long term are a safer bet than large premiums over a short period of time.

Younger people are less likely to experience the same magnitude of health issues than those who are older.

And just as the premiums accrue for the insurance company, certain types of life insurance can allow for a cash value to build for the policyholder. For a younger person,  an indexed or variable whole life policy would be more beneficial. When there’s a cash value that builds slowly, the life insurance policy becomes an asset to one’s own retirement funds instead of a financial sacrifice.

What If I Wait?

If you wait too long, you not only face higher premiums but denied applications. Your premiums may cost you hundreds of dollars per month, which is what can lead to individuals surrendering their policies entirely. When you surrender a policy, whether it be because of no longer wanting to have it or becoming overburdened by monthly costs, there are no refunds. Your loved ones will not get the death benefit you signed up for.

Individuals who are close to the end of their life expectancy may have no other choice than to get a guaranteed issue policy. While this can give those considered insurability risks a chance to provide for their loved ones after death, it comes with two caveats – higher costs and waiting periods. Waiting periods typically span between 2-3 years, which can be longer than the newly insured is expected to live. If you pass away during the waiting period, your loved ones will not be able to get the death benefit.

Don’t Wait – Call Us Today!

Game Changing Benefits is your go-to for taking advantage of today so your loved ones can get the most tomorrow. There’s no time like the present, and that especially holds true for life insurance. When you call us, we’ll find you the right policy for you so that you can give your loved ones what they deserve. Call us today at 972-331-1060.