Good health does not just benefit your quality of life, it can also benefit your wallet. When you are in good health, you likely spend less on medications and appointments with doctors, and you have a longer expected life span. More over, when you are healthy, applying for life insurance becomes a smart and affordable way to protect your family and their financial future.
How Life Insurance Works
Life insurance offers financial protection against the unthinkable. When buying life insurance, you appoint a beneficiary, the individual who receives the amount of money outlined in your policy. The most commonly selected beneficiaries include your spouse, child, sibling or parent. When applying for life insurance, you can work with a licensed agent to customize coverage based on your unique needs and financial situation.
Why Being Healthy Matters
Insurance is all about statistics and determining how likely different scenarios are to occur. The less of a financial risk you pose (i.e. the healthier you are), the less expensive an insurance policy is. Conversely, if you are seen as a greater financial risk to an insurance company, your policy may cost more. For example, the American Heart Association reported that in 2011, cardiovascular disease cause the same number of deaths as cancer, diabetes, respiratory diseases and accidents combined. Consequently, from a statistical standpoint, a healthy individual is less of a financial risk to insure than an individual with cardiovascular disease because they are more likely to outlive the term of their policy.
Do Healthy People Need Life Insurance
Yes. The popular belief that only people with children and/or a spouse benefit from buying life insurance is false. If you have a dependent of any kind, a life insurance policy is valuable.
The policy that you apply for should fit the financial needs of your beneficiary. For example, if you have a family with children, you should consider enough coverage to meet your families daily living expenses until they can get back on their feet. A stay-at-home mom may choose to apply for enough coverage to cover the cost of childcare for several years. A single person may choose to apply for coverage that helps his or her parents pay for a funeral and pay off student loans.
If you are on the fence about applying for life insurance, consider the financial needs of your family and answer the following questions:
- What financial hardships would your family face if you were gone?
- Do you have any debts that could create financial hardship for your family?
- Would your spouse, parents, siblings or children be able to pay for the cost of funeral arrangements?
- Are you a partner in a business that depends on you to stay afloat?
One of the main reasons applying for life insurance is better done sooner rather than later is because a rates are generally less expensive for younger individuals. When you purchase a term life insurance policy, which can range between 1 and 30 years, you lock in the premium rate for the set number of years. For example, if you have a 30-year term life insurance policy, you will have those rates locked in for 30 years. Just keep in mind—the longer you wait to buy a life insurance policy, the more expensive it will likely be. Talk to a licensed agent today if you need help determining the best type of coverage for you.
Many things in life are certain. However, since you never know how your health status can change from one day to the next, it is best to take advantage of your good health and the life insurance savings it can bring today.
To get a Term Life Insurance Quote or research how to Buy Life Insurance Online visit GoldCoastLifeInsurance.com
No comments:
Post a Comment