Many think that Life Insurance is unnecessary for those who are young and healthy. Life happens fast! People are busy, and the thought of protecting your future self, and your insurability, can be far from top of mind.
It’s also common to overlook the possibility of being diagnosed with a serious illness, and many try not to dwell on what might happen if things take a turn for the worst
Acquiring life insurance while young and healthy, even if single and just starting out, holds significant advantages. Premiums rise with age, but securing a term life insurance policy early can lock in a stable rate for years to come.
Securing term life insurance early also offers the option to convert to a permanent policy without new medical evaluations. This ensures continued insurability at favorable rates. Health conditions can arise at any time and may make it challenging to acquire a life policy, or even result in you being uninsurable.
Another way to safeguard insurability is to consider adding a Guaranteed Insurability Option (GIO) rider. This add-on ensures you can purchase additional term life insurance as life changes in the future – even if circumstances make you uninsurable. Imagine this: you snag a life policy with a GIO rider at age 28, you’d have six chances, every three years until age 46, to boost your coverage without having to prove your insurability again. Your future self will definitely be proud of you for adding this rider!
Since you’ve made it this far, congratulations on taking the smart step of learning about acquiring life insurance while you’re young and healthy! Adding a GIO rider shows great foresight for adapting to life’s changes.
Let’s look just a bit further into the future – and talk about long-term care. It’s easy to overlook who will take care of us when we’re older and need help. Long-term care is expensive, and so is a permanent life policy with a long-term care rider.
Securing your insurability early on means you will be able to afford long-term care when the time comes. So, is there something you can do to guarantee your insurability so you can purchase long-term care when you can afford it?
The answer is yes! Adding a Purchase Option Rider (POR) on a term policy while you are young is a cost-effective way to purchase long-term care coverage for the future while taking advantage of your good health now. The POR allows the policy owner to purchase the Long Term Care Accelerated Death Benefit on a new permanent policy at the time of conversion without underwriting or evidence of insurability.
People often wait until it’s too late to acquire life insurance that fits their needs, provides flexibility, and protects their future insurability. Take action now, then pat yourself on the back in the future for planning so well!
