Let’s talk about something most people avoid: life insurance. I know, I know—it’s not the most exciting topic. But what if I told you that procrastination could be silently draining your financial future?
The Hidden Price of Waiting
Many people put off buying life insurance, thinking they’ll get to it “someday.” But that someday comes with a surprisingly steep price tag. Here’s the harsh reality: the longer you wait, the more expensive your protection becomes.
The Age Factor
Insurance companies view age like a ticking financial clock. As you get older, your premiums climb higher. It’s not just a small increase—we’re talking about potentially significant jumps in cost. Consider this eye-opening scenario:
- At age 45, an indexed universal life insurance policy might cost you around $2,143 annually
- By age 55, that same policy could jump to $3,420
- And at 65? You’re looking at approximately $5,828 per year
More Than Just Higher Premiums
Waiting isn’t just about paying more. It’s about potential risks that could leave you and your loved ones vulnerable:
- Unexpected health changes can make you less insurable
- Your financial protection window narrows
- You miss out on early cash value accumulation
A Real-World Example
Let’s break down a hypothetical scenario that might sound familiar. Imagine a 45-year-old deciding between a term policy and a permanent life insurance solution:
- Term policy route: Seems cheaper upfront
- Permanent life insurance: Slightly more expensive now, but potentially saving tens of thousands later
In one specific example, choosing a permanent life insurance policy at 45 instead of waiting and converting later could save around $33,800 over the policy’s lifetime.
Smart Strategy: Don’t Wait, Evaluate
The key isn’t just buying insurance—it’s buying the right insurance at the right time. Here are some actionable tips:
- Start evaluating your life insurance needs early
- Consider permanent solutions that offer long-term value
- Look beyond the initial premium and understand total lifetime costs
- Consult with a financial advisor who can personalize recommendations
The Bottom Line
Life insurance isn’t about you—it’s about protecting those who depend on you. Every year you wait is a year of potential financial vulnerability for your loved ones.
Remember, the best time to get life insurance was yesterday. The next best time? Right now.
If you have any questions about the insurance on your home and want to make sure you understand your coverage, you can call us at any time. At Benton White Insurance, we ask that you call us BEFORE you file a claim. We can save you money and time. – almost every time. We can help you cut through all of that.
THANK YOU for your trust in what we do. We’re here to help. Let us help you if you have a claim. We will make it much easier on you for sure.
TEXT or CALL us at 615.377.1212 or EMAIL us at info@BentonWhite.com. Also, on our website – BentonWhite.com, you can get more claim information and file a claim from the site. Let us know how we can help you as we ‘earn’ your business!
Disclaimer: This is general advice. Individual situations vary, so always consult with a qualified financial professional to understand your specific needs.
