Why It’s Vital to Get Life Insurance ASAP

Life insurance is crucial for people at all stages of their life. If you don’t have an insurance policy yet, this blog will explain why you should get it as soon as you can!

The Earlier the Better 

One of the key benefits of getting life insurance as early as possible is cost. While many people have a tendency to disregard the notion of insurance until their elderly stage of life, the ideal way go about it is earlier on. 

Yes, Canadians are traditionally averse to talking about certain things that they deem sensitive. Life insurance is close enough to the concept of old age and mortality that it falls under that. However, there’s a lot of good in being fully prepared and planning ahead. Life insurance also falls under the financial planning of families as a whole, which makes addressing it even more crucial. The sooner it’s enacted in financial planning, the more benefits and protection it will afford. 

Buying life insurance in the future just opens the door to higher premiums. 

Timing Is Everything 

A lot of younger people are under the impression that their funds are better spent elsewhere instead of life insurance. Research backs this up: the average age of major disease sufferers in Canada is 42 years old. Considering the average life expectancy in Canada is 84 years old, that’s a problem. 

This is usually when people are experiencing highs in their professional and personal lives alike. It also involves a whole lot of stress and pressure. 

Buying insurance at 20 years old is ideal. The insured person then gets to enjoy a 20-year extension in their protection term. It’s also far cheaper to buy insurance at 20 years old instead of at 40, which is two years shy of a high risk situation. 

Top Reasons To Get Life Insurance ASAP

1. Get Life Insurance ASAP For Less Inflation 

As times change and economies evolve, prices will certainly rise. Insurance companies can’t keep their original rate products in the market for too long as a result. Eventually the first product will be discontinued and the replacement product will have higher rates. 

2. Get Life Insurance ASAP For Lower Premiums 

As previously mentioned, age plays a factor in how companies compute premiums. Getting life insurance at a later stage in life means the premiums will be higher. Basically, the lower the insured age is, the lower the corresponding cost will be also. 

3. Get Life Insurance ASAP For Longer Guarantee Periods

Today’s modern times allow for most available insurances to have a lifetime guarantee. The moment an insurance policy is applied for, protection benefits can already be used. Since a lot of them also have a dividend function (which is calculated through compound interest), applying for insurance sooner means enjoying the dividend income sooner too. 

Conclusion

Life insurance is critical albeit being associated with sensitive topics like old age. It’s key to get it as soon as possible due to a number of benefits. This includes lower premiums and less inflation.

Need life insurance in Lethbridge? Reach out to Kirkham Insurance today! We’re one of the leading insurers in Canada.