DISCLAIMER: This article may irritate you if you don't own life insurance for one reason or another. If so... DO NOT READ THIS ARTICLE!
Okay, we're not usually so doom and gloom as to say tomorrow could be too late...but...the truth is it could be. All through life we don't know what tomorrow will bring. Many seniors put off purchasing life insurance (ok not me!) for reasons other than cost. Having been in this business almost 25 years, we have gotten many calls asking if a spouse ever purchased that policy. Too often we have to say no.
What Are You Waiting For?
We have all kinds of reasons for not wanting to deal with life insurance other than concerns about your mortality. Let's discuss some of them here.
- I don't think if I can afford insurance at my age. The best way to find out is to talk to an independent agent. They will get some information from you and help you with different quotes. Remember there are different types of insurance and that can help you with price. Also, maybe you can't afford to buy as much coverage as you would like to have. When this happens often people just give up. I guarantee you if you ask your beneficiary, they would tell you some insurance is better than no insurance. Keep in mind we can usually work within your budget to find you some protection for your family.
- I need to lose more weight. This is a more common reason than you would think. Your height and weight are important when it comes to underwriting senior life insurance. Click here for more information on how weight is underwritten. However, you need to speak with your agent to see how it will impact your rating. I bet you didn't know that if you have lost weight in the past year, the insurance company will add half back to your current weight for underwriting! So you have to keep weight off for a full year before that goes away. So many people want to wait. But what about your family during this time? Why not consider getting a policy while you lose the weight? This way your family is protected and as soon as you can get a better rating you can write a new policy.
- I have to improve my cholesterol results. This is another common excuse to delay. Depending on what your cholesterol numbers look like, you can still get coverage until you "fix the problem". Then you can write a new policy at a better rate.
- I need to __________ (fill in the blank!!). Whatever your reason to delay is...I can think of a better reason not to delay. Your family. What happens to them if you pass away without insurance? Can they live comfortably or will their circumstances change drastically?
If I haven't touched on your excuse (I mean reason) yet, rest assured I can give you a reason not to wait.
What if I Don't Wait? What Happens?
- Step 1- We talk about your health issues, etc. that are stopping you. I explain how they will affect your rating. (Your rating determines the price- the better the rating the lower the price). We determine what rating we expect you get and talk price.
- Step 2- The price is more than you want to spend. We adjust by shortening the time period- if you wanted a 20 year term policy, maybe we look at a 10 year, or a 15 year policy. If needed, we lower the face amount too.
- This PROTECTS you!- And your family! You would have this coverage for now. When you buy a term policy, there is a period of time where you can convert that term policy to a permanent policy (one that lasts as long as you do) without any underwriting (that's important). The policy is convertible for a period of time based upon your age and the company rules. It will be written in the policy. Even if you were to become uninsurable you could convert this policy to permanent coverage and keep your family protected. Convertibility is an important feature life insurance for seniors.
What if I Do Wait? What Happens?
Nothing happens if you decide to wait. We wait! You can certainly get insurance once you have lost your weight, improved your cholesterol or have done whatever else you are waiting to do.
Just remember, if something happens to your health during this time you may not be able to obtain the insurance you want. Of course, if you pass away during this time...well, you know.
The Bottom Line
The truth is that we all have reasons for putting off decisions involving our mortality. It's not the most fun subject to discuss. Another truth is that you do yourself and your family a disservice by ignoring it. Life insurance is instrumental in protecting families from financial disaster after death. Ask anyone you know who has lost a spouse, especially if the spouse is the primary breadwinner. Don't wait any longer. Get going on your coverage today.