Maybe you’re wondering why do you need life insurance in your 20’s or are you in your 30’s or 40’s and haven’t bought a life insurance yet? Kumuha ka na agad ano pang inaantay mo, ngayon na! Life insurance is not something you get when you’re old and sick. Go and ask some seasoned financial advisor you may know and he’ll tell you the heartache of turning down a friend/client. Why do you think it was rejected? I think you already know the answer.
READ: Sun Life Remains as the Top Life Insurer of 2018
READ: Sun Maxilink Prime | The Best-Selling VUL Plan from Sun Life
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Cost of Delay: Higher Insurance Premiums or Denied
You already know that life insurance premium is highly influenced by your age, the younger the cheaper the plan. If your in your 20’s then find a suitable plan for yourself and take advantage of your age. Suan, madami pa kong babayaran tsaka na lang siguro kapag nakaluwag-luwag na. Did you know that your excuse is so lame? All of us has bills to settle my friend. Some even have more bills to pay with little budget compared to you but was able to get a plan. I guess, it just so happens that it’s not your priority.
Sooner or later you’ll see its importance and by that time it’s either the premium has skyrocketed or your application will be denied. The first one is far better of course than being rejected not unless if it’s already beyond your capacity. If you’re too old and has several medical conditions already then don’t let your hopes too high that they will give you the plan even if you pay millions.
What hurts the most is that the plan you previously ignored when it was still cheap is now ignoring you.
I am Young and Healthy: I Don’t Need it Now
Perfect. That’s my answer when someone tells me that he is still young, healthy, and he doesn’t need it now. If you are still young then you can get the plan a cheaper price and that’s perfect. Knowing you’re healthy is a good indicator that you’re still insurable and again that’s perfect. If you’re gonna tell me that you don’t need the plan then that’s a jackpot perfect.
Do you think your application will be approved if you’re unhealthy or tell the insurance company that you badly need the plan? That’s shady. Why do you badly need the plan in the first place? Is that because you already have a medical condition or contemplating for your death? No insurance company will give you a plan if that’s the case. You may regret it but it won’t turn back time.
Medical Expense is not FREE from Inflation
Inflation is everywhere even medical procedure is not spared from it. If you’ll rely on your savings alone and did not even prepare for uncertainties even just a single accident or illness will wipe out your hard earned money in a jiffy. If you like to keep your savings intact then get something like life insurance to protect it.
Conclusion
I know it’s hard to swallow the benefits of life insurance but everyone will come to their end. Some are called much earlier while others may live longer. You may also experience at least one critical illness in your lifetime that’s why it won’t hurt you to be prepared early for it. Nothing beats the financial security that a life insurance will provide to you and your family. Again, life insurance is not an option but a necessity.
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Ton is an electronics engineer, financial blogger, insurance agent, and a certified investment solicitor. A multi-awarded financial advisor with clients ranging from lawyers, doctors, engineers, accountants, business owners, company directors, and OFWs to minimum wage earners had sought advice from him in achieving lifetime financial freedom.