I’ve been learning more about life insurance and wanted to share with you a story that can help you understand why timing matters when getting life insurance. As you already know, the premium you pay for life insurance is based on your age when you first get your policy. So here’s a hypothetical story (but using real numbrs) to help you understand why timing matters so much:
- Let’s pretend that you are 57 years old and you want to get life insurance.
- But you are on a budget and can only afford a premium that is at most $30/month.
- You contact an agent to get a quote and you are given a quote of $27/month for $25k of coverage.
- The day that you get the quote is 21 days away from your 58th birthday.
- You meet with the agent the next day (20 days away from your 58th birthday).
- Because of the difference of 1 day, the price for your life insurance has gone up!
- You now are given a new quote of $30/month for only $8k of coverage.
- A difference of one day made the price of your life insurance increase 3.5 times!!!
Isn’t that crazy! I just thought it was a good example of why timing truly matters when you want to get life insurance. If you want to explore your options for life insurance and get a no-obligation quote, you can contact my husband, Nick Hernandez, at FortressTomball.com.
For all of my posts from a mom perspective see my 4Mom posts.
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