Whatever your reason for not having a life insurance policy, there are probably double the reasons why you should. Here are a few reasons you probably did not consider when making the decision to hold out on life insurance.
It will never be cheaper than now
Did you know that the amount of premiums you pay for life insurance is based on your age? Therefore it stands to reason that the younger you are, the less you will pay on monthly premiums. In fact if you start at a really young age like 21, your premium will likely be extremely low for the rest of your policy term! The longer you wait, the more expensive it becomes.
You are perceived to be healthy
The younger you are, the less you are seen as a risk to insurance companies. The older you get, the greater the perception that you are at risk of certain health issues such as high cholesterol levels, high blood pressure and diabetes. In fact, at a certain age, you may be required to undertake some medical tests before concluding a life insurance policy.
It can help your family replace lost income
If you are married and have children, you have to make sure your spouse and little ones will be taken care of in the worst-case scenario. Even if you both worked, the insurance money will greatly relieve the stress of your lost income stream, even if temporarily.
It provides a disciplined route for savings
Life insurance plans provide a disciplined route for savings, which could come in handy in case of a financial emergency. Salaried people, small businessmen and professionals such as doctors and lawyers can look at this plan to meet their long-term financial security needs.
Dying does not come cheap!
As morbid as it may seem to think of your own funeral, imagine for a minute the associated cost. You should at least have a plan that will cover the cost of funeral expenses and burial. Losing you would already be a tragic event for your loved ones, do not compound their stress by having it become a financial burden, too.
It is a simpler process than you might think!
At Sacos, we pride ourselves on our professionalism and providing customers with exceptional service. For more information on life insurance, call us on 429 5000 or send an email to email@example.com and an officer will get back to you.