- agalliano1
Why Purchasing Life Insurance when Young and Healthy Matters? Lessons from a Broker
The worst thing in life insurance is submitting an application for a client that gets rejected. Usually this happens due to medical history or prescription drug use, but the reason doesn't matter. It is frustrating. It has been said that "experience is the best teacher" and in my case, that is true.
I am going to share my life insurance journey with you. Let's just say it changed quickly but is unlikely to change in the future because of underwriting concerns.
I purchased a life insurance policy on myself after becoming a mother. My husband will need to pay someone handsomely to run my kids around, so I wanted to ensure that he had an appropriate amount to make the best decision possible if need be. At the time, I received the "preferred" underwriting status. It meant that I received the absolute best rate for someone my age and gender. That felt good, like a reward for taking care of myself and prioritizing my health. That was in 2019. I left just after purchasing my plan for Italy. I had a blast on the back of a Vespa zooming down the Amalfi coast knowing that if something happened to me, the money would be there for my children to continue with their lives. A few years later- not so much.
I would love to blame it on Covid or aging or both, but the truth is, my mid 40s have not been so kind. I am now outside the "healthy" weight and height ratio, and take two prescriptions. I visit doctors regularly for all sorts of minor things that need monitoring.
That preferred status I received then would never happen today. Were I to purchase it now, I would be paying a lot more for my life insurance than I do. The application process would also be much more extensive. I was approved in less than a week. I am glad I took my own advice- "young and healthy is always your friend in the life insurance world."
I would conclude by saying that most clients are happy and relieved to have this decision behind them once the plan is in place. Many carriers now offer access to complimentary wills and estate planning for active clients. NOW is a great time to review your options. Of course, we will review your needs regularly since they change but knowing it is in place just in case is satisfaction enough. Don't let vanity or a false sense of security get in your way. Things can change so quickly- it definitely did for me. You will not always be the age that you are now. September is Life Insurance Awareness Month. Use this time wisely and make your needs a priority. Reach out for a complimentary quote.
By the way- I highly recommend the Amalfi coast.
#lifeinsurance #LIAM22 #lifeinsuranceawareness #parenting
