Safeguard your insurability
By Steven Kobrin
Steven H. Kobrin, LUTCF
Most people realize they need life insurance. So, why do so many people postpone the purchase? One factor is the "two birds in the bush" syndrome.
In other words, they've already got an offer, a "bird in the hand." But they want to hold off for that distant time in the future, when they imagine paying much less for the same coverage, the two birds in the bush.
For example, smokers plan to quit. Diabetics want better results on their next blood test. Mountain climbers hope to get their next trip out of the way.
But this strategy ignores the fact that we humans do not have ultimate control.
"Man plans, God laughs." -- Yiddish proverb
Other new risk factors could emerge during the same time it would take to quit smoking, obtain a better A1C, or climb your next mountain.
For example, you could unfortunately develop another medical condition. You could receive several moving violations. You could find a new and better job, but with concomitant foreign travel.
Indeed, life can resemble the "whack-a-mole" game, where you knock down one pesky risk factor, only to find others popping up elsewhere.
The time is always now.
In my professional experience, I have seen insurability change in an instant, often due to factors beyond my clients' control.
This is why I tell people, "The time to buy life insurance is always now." Get the best rate available, now. Buy as much coverage, with the longest guarantee period, that you can afford, now.
If you succeed in becoming more insurable in the future, then you can always shop around again, for a better rate. At least you will have solid coverage in place, in case you become less insurable.
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