We all of course hope that we will be very old when a claim happens on our life assurance policies. As a result, too many people are slow in getting enough discretionary life cover in place – that is life cover that is not tied to your mortgage or other such loans. Instead this is financial protection to cover the future lifestyle of your family. Delaying is a big mistake – there are quite a number of reasons to get your life cover in place at the earliest possible opportunity.
Get cover while you are healthy
The number one reason not to delay. Don’t wait until you get sick and are suddenly considering your own mortality before you go looking for life cover. The ship may have sailed at that point in terms of getting cover without premium loadings or cover exclusions, or indeed being able to get cover at all. Your age and state of health are the biggest drivers of the premium rates that will apply to your cover.
Your family get older at the same rate as you
Another significant factors that life assurers consider is the family history of the likes of heart disease, diabetes, cancer and a wide range of conditions. As you age, so do your family at the same rate, and their likelihood of suffering such diseases increases. Get your life cover in place early while your family are hopefully healthy too.
You’re less likely to have “found something”
As we all age, we tend to get a bit more aware of our health risks and get more regular health check ups. You might start getting your blood pressure or cholesterol checked or indeed a range of diagnostic checks. These are really important as they may reveal potential health risks for you that can then be managed. These checks are always worth getting done but a downside of them is when you are looking for life cover. If the tests have revealed something, this must always be disclosed to the life assurer or you risk invalidating your life assurance. The results of these tests may end up resulting in your life cover being more expensive. Again, get your cover in place while you are healthy and have no negative health symptoms or test results, in order to secure the lowest premium rates.
The cost of cover increases with age
Life cover rates change according to age, with younger people attracting the lowest rates. You can choose for these rates to be locked in for life. Yes you will be paying for cover from a younger age, but as you age these premium rates will appear incredibly cheap in comparison to those applying to older people.
We hope we have given you some food for thought as to why it might be a good idea to get cover in place now. The next step is to find the most appropriate policy for you – and that’s where we can help. We look forward to helping you get the right type and amount of cover, at the right price to suit your specific needs.
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