Estate and Financial Planning

Why is it critical to buy life insurance now ?

There are a number of different types of life insurance. Some are investment-type policies which have life insurance cover as well as an investment element.

Life insurance can provide you or your dependants money at times when it’s needed most such as in the event of your death, disability, long-term sickness or injury. Having adequate insurance cover can provide you and anyone who depends on you security and peace of mind if any of those circumstances happen rather than leaving you and those that depend on you exposed to the risk of financial hardship..

• You cannot predict the future or the timing of your death.
• The cost of life insurance is based on your age: the older you get, the higher the premium.
• Permanent life insurance contains a cash-value element that grows tax-deferred (with no immediate taxes) inside the contract. The more time the cash value has to accumulate, the greater the value will be.
• Buying now can help you avoid future insurability problems. Insurability is based on a variety of factors, including health and age, and rates are affected by certain health conditions, which may not be present now but may develop in the days ahead.