Waiting to Buy Life Insurance – life insurance mistake #6

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Posted on 19th May 2011 by Rita in Life Insurance |Life Insurance Mistakes |Retirement and Estate Planning

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life insurance mistakes

Waiting to Buy Life Insurance…

Regardless of the reasons you may have, it’s important to take action as soon as you feel a policy is required. Even single adults may need Life Insurance if it would be a burden for loved ons to cover your finally expense or medical bills. View “Life Insurance for Single Adults. Is it Needed?”

VERY IMPORTANT -If you only remember one thing from this blog post this is it. ►Life Insurance rates generally increase as people age and/or their health deteriorates. In turn this means you will pay a higher dollar amount on the same amount of coverage when older and/or have health issues – that is also IF the insurance company offers you a policy at all.

Examples:

27 year old Male 57 year old Male 57 year old Male
Non-Tobacco Non-Tobacco Non-Tobacco
In Good Health In Good Health Health has Deteriorated
100,000 Benefit Amount 100,000 Benefit Amount 100,000 Benefit Amount
(10 Year Term Life Insurance) (10 Year Term Life Insurance) (10 Year Term Life Insurance)
Under $12 – Per Month Around $45 – Per Month OVER $75 – Per Month
Under $130 – Per Year Around $500 – Per Year OVER $850 – Per Year

Chart is purely for example purposes and does not show exact rates. Based on 2011 North Coast Life Illustrations. Exact rates are only in your personal policy contract.

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What does this tell us?

We should be looking at getting a life insurance policy while we are young and healthy… in order to lock in the premium payment amounts and the guarantees.

If you can’t afford a lot of coverage… some is always better than none at all. View “Some is Better Than NONE”.

Don’t miss making your premium payment. Call the insurance company if you are having a hard time making your payment. Ask how long you have to make the payment without the policy lapsing. Ask what are all your options in this situation. Always better to ask and find out what your options are than to do nothing and let a policy lapse.

Consider this bill a “MUST PAY” bill. Just as important as the mortgage/rent bill. Remember if you and your loved ones don’t have money to cover final expenses (which can include medical bills) you should not let your life insurance policy lapse, especially in hard times. View “When in Tough Times”.

Want to see your own instant quote? www.insureyourfamily.com is the place to check it out.

Note: This blog is designed for general information purposes only. All information presented on this site should not be interpreted as legal advice and the author assumes no responsibility or liability for the actions taken or not taken by the readers based upon such information. For legal and tax advice contact your attorney or tax adviser.


Note: This blog is designed for general information purposes only. All information presented on this site should not be interpreted as legal advice and the author assumes no responsibility or liability for the actions taken or not taken by the readers based upon such information. For legal and tax advice contact your attorney or tax adviser.

Rita Sollie, Direct Insurance Representative with North Coast Life Insurance Company (NCL). No gimmicks or schemes here, just genuine and honest service. We don’t sell insurance, we solve problems. I welcome the opportunity to show you what NCL can do for your Life Insurance and Financial needs.
View INSTANT Term-Life Quote: www.insureyourfamily.com
If you prefer to speak with a local financial representative, call or email your request and you will be connected with a representative in your area.
Contact info: Phone: 800.541.5858 Email: rita.sollie@nclife.com or Live Chat below.

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