Whether it’s now or later, any time is better than never. At the very least, life insurance will give your loved ones considerable financial relief at a time when they may need it the most. As for “best”, there is no time like the present.
Why Does Timing Matter to Companies?
From the insurance company’s perspective, policies are assigned according to perceived insurability risk. These companies are disbursing large lump sum payments – oftentimes hundreds of thousands of dollars worth. But timing matters because the insurance company doesn’t work with an unlimited supply of funds.
Insurance companies are able to dispense death benefits, pay their agents, and remain profitable by charging monthly premiums. Premium rates vary, as not everyone is able to pay premiums for the same length of time.
This is why younger, healthier people pay the lowest premiums. They’re able to pay premiums for a longer amount of time compared to others, so in the end, the company collects enough to warrant a large lump sum payment.
Now Is Your Best Chance to Qualify for What You Want
The older you are, the less favorable your results on a medical exam will be. You can’t predict if (or when) you will be diagnosed with a life-threatening disease or illness. It may seem discriminatory for a company to withhold a policy because of a condition you cannot control, but that goes back to the company’s risk of insuring you while getting little in return.
But if you are at an advanced age and/or have a life-threatening condition, you still have options, specifically guaranteed issue life insurance. Guaranteed issue policies don’t require a medical exam. If you’re currently in this situation, now is the best time. You will need to live past the 2-3 year waiting period because your beneficiaries will not be able to get the death benefit if you pass away during that time. However, you can add a graded benefit rider to your guaranteed issue policy so that your beneficiaries will still receive a percentage of the total death benefit if you pass away while in the waiting period.
Find a Life Insurance Policy Today!
Game Changing Benefits will find you a life insurance policy that can give you and your loved ones peace of mind. Get started today by calling us at 972-331-1060!