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The Real Cost of Waiting to Purchase Life Insurance

If you’re like most people, the thought of purchasing life insurance sounds daunting. And you may have been putting off the purchase for a few common reasons:  

  • You might believe life insurance is too expensive, and you don’t need another massive bill to pay at the first of each month 
  • You assume the coverage provided by your job will suffice  
  • You’re young and in great shape, so there is no need for life insurance coverage now 

And to be fair, if you’re not familiar with life insurance, and you don’t have any health concerns at the top of your mind, it can be really easy to assume these statements.  

Purchasing life insurance might seem like a scary, expensive task to do today, yet there is a greater cost of waiting to buy life insurance than you might expect. We’ll explain why.  

The Longer You Wait to Purchase, The More Expensive It Gets 

One of the constraints all generations feel (not just younger ones) is the cost of life insurance. To those who are in peak shape, purchasing life insurance seems like just adding on another hefty monthly bill.  

What most people don’t know is that life insurance is much more affordable than it’s made out to be. Still, around 44% of millennials think that life insurance costs five times more than what it actually does.  

Coverage is even cheaper to purchase when you’re younger, as well. Premiums and plans go up as each year passes. This means that as you get older and your overall health decreases, life expectancy decreases as well, and your premiums will rise due to your overall risk.  

It’s beneficial to purchase life insurance while you’re young and in good health to save on costs down the road.  

Buying Life Insurance While You’re Healthy Will Cut Costs 

One key factor in determining life insurance cost is the status of your overall current health, which can be tested through a quick physical exam.   

Unless you apply for a No Exam Life Insurance Policy, this physical exam will provide an evaluation of your height, weight, blood pressure, urinalysis, and blood profile. You’ll also collect and submit any documentation from recent medical visits.  

Based on the results of your exam, your life insurance provider will put together a premium. Generally, the earlier in life you apply (when, generally, your overall health is a non-concern) the lower your premium will be. 

For most of us, as we age, our health complications tend to increase. Applying while you’re in optimal health will save you a chunk of change.  

Considering Your Future Needs Can Save You Thousands 

We’re going to go ahead and say that the majority of people reading this, probably don’t have psychic powers, meaning we cannot predict the future. Although none of us know what’s going to happen tomorrow, we CAN prepare for it.  

If you’ve heard the quote that life insurance isn’t for you, but it’s for the people you love, well, that’s where this plays in. Most often, when you purchase life insurance early in life, you’re not purchasing just coverage, but peace of mind for you and everyone who cares for you.  

By purchasing life insurance now, you’ll know that your future self, and those you love, will be covered down the road if something were to happen to you. Life Insurance isn’t about reaping the direct benefits today but making certain those loved ones will be financially covered later if you’re not able to be a part of their life.  

If You Buy Health, Home, and Auto Insurance, You Should Consider Life Insurance 

Death is an inevitable part of life but most people don’t want to spend too much time thinking about it. Thus, the reason many put off looking into life insurance options. Still, the same thought process that goes into purchasing home, renters, auto, and health insurance should go into the purchase of life insurance.  

No one wants to think about getting into a car accident or having to take a trip to the doctor’s office, yet we all have coverage in place to better prepare for these inevitable moments.  

So, if you’re still not convinced that life insurance isn’t a priority at the moment because you’re not only in good health, but you also don’t have any dependents, there can still be quite the financial burden placed on your family if you were to suddenly pass.  

Aside from the emotional burden that comes along with these life moments, there’s also a financial burden. Those close to you will have to pay for funeral costs, and on top of that, you could have personal or student loan debt yet to be paid off.  

Much of the time when someone passes, the financial slate doesn’t necessarily get wiped clean. Often, your surviving family or co-signers are left to pay your debts. And all of this can be covered with proper life insurance.   

What IS The True Cost of Waiting to Buy Life Insurance?  

The financial costs of waiting to purchase life insurance are straight forward, but the true cost of waiting to buy coverage goes far beyond anything monetary. 

Sure, purchasing life insurance at a young age, and while in peak health, can save you and those you care for thousands over time. But it’s that peace of mind that comes with knowing you are covered — and everyone you care for — in hard times is absolutely invaluable.  

SelectQuote is here to help you get coverage at any stage of your life, no matter your age or health status.   

If you’re interested in learning more about what life insurance coverage option is best suited for you, start by getting your free quote.  


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