Published March 7, 2016
Life Insurance isn’t a fun topic, but it’s a critical part of your financial strategy. People don’t often talk about it. Most don’t understand it. Few want to buy it. Even those people who buy it don’t necessarily understand it or appreciate its importance in building and preserving wealth. As a result, a lot of people don’t have any life insurance protection. If they do, most don’t have enough.
|Understand the basics of life insurance|
Today, People have all kinds of protection. They insure their house, cars, phones and appliances. They even buy travel insurance for their vacations.
But when it comes to life insurance, people remain skeptical. The most important insurance that protects their family and their children is not taken seriously.
Life insurance doesn’t insure your life. It insures your family’s ability to continue on without being financially devastated.
A good number of people believe that they won’t die anytime soon. Why would they need life insurance?
Some take it easy by just signing up their employer’s group life insurance. There’s no need for a medical check up. Others get it free from their company. However, the company may not provide enough coverage, and if their employment terminates, they wont have protection. They may also have difficulties buying individual life insurance if they have medical problems and need more coverage.
Are You Insurable?
Most life insurance requires medical exams, blood tests, and/or health records before a policy is issued. If you have health problems, life insurance companies may deny your application, or they may charge a higher rate. This is similar to how a car insurance treats drivers with bad driving records. A lot of people are not insurable and may not know it.
Thus, if you have the need, buy life insurance as soon as you can while you’re healthy and insurable. Buying early is also wise because you may qualify for better rates.
Don’t wait too long, because when you have a health issue it may be too late. You might find out that you are no longer insurable.
Getting life insurance is not a right. It is a privilege.
Source: Saving Your Future Book, World System Builder, 2015
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