If You Have been Thinking About Getting Life Insurance Now is the Time

//If You Have been Thinking About Getting Life Insurance Now is the Time

If You Have been Thinking About Getting Life Insurance Now is the Time

I recently updated, upgraded and increased my life insurance and with the paperwork finally all completed I can finally say…there is no reason to delay and I should have looked at my insurance sooner!  For purposes of this post it doesn’t matter what type of life insurance we are talking about, if you are thinking about increasing it DO IT SOONER THAN LATER.

There are two reasons why you should look into your life insurance sooner than later.  One has to do with the life insurance companies and the other is you.

Life Insurance is Becoming More Expensive

I can tell you firsthand that the company I work with has repriced almost every product we sell (Read Reprice = More Expensive) and as “Tyler Durden” once said, I work for a major one.  Notwithstanding my experience CNN recently highlighted an increase in price with regards to term life insurance,

Following a decade in which prices fell to all-time lows, premiums for new term policies last year rose an average of 3%, says online agency IntelliQuote, which forecasts more increases this year.

The culprit? Sickly yields on bonds, in which insurers invest most of customers’ premiums.

Those same “sickly” bond yields are affecting permanent products as well.

You Aren’t Getting Younger and You Are Probably Not Getting Healthier

Bond prices are hurting the bottom line of insurance companies.  It is only natural considering they have to invest the uncredited premiums somewhere.  Obviously the return of an insurance company isn’t the only thing that affects your monthly premium.  The major piece of it is your health and age.

Every year you will get older (Profound, right?).  Every year you are likely to get less healthy (probably not but as absolute as the last statement).  Those two pieces will obviously increase the price of your insurance.


So if the insurance companies are starting to increase in price and you are getting older – why the hell are you waiting to get insurance? For me it was trying to figure out how much I could spend.  I don’t believe that is the case for most people since most buy cheap term, so stop being lazy!

By |2013-09-26T14:51:27+00:00May 10th, 2013|Life Insurance|1 Comment

About the Author:

Evan is the owner of My Journey to Millions which was started to track his journey from a broke debt ridden law school graduate to building a positive balance. Need more Evan? Follow him on Twitter, Contact him or get new posts directly to your email

One Comment

  1. retirebyforty May 10, 2013 at 12:23 pm - Reply

    I’m planning to get it done this year and probably should do it today… I’m just procrastinating because I don’t want another monthly bill. 🙁

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