Published in February 2021
Before we can answer any question about when to buy life insurance, it’s important to know why you should buy it in the first place. It’s as simple as this: it can help provide a more secure financial future for your loved ones.
When should you start thinking about it? Well, first of all, life insurance is important to have throughout life, if you’re raising a family, own a home or have other debts. It helps ensure your loved ones have financial support in their time of need.
But at later stages in life, your best choice might be a plan that provides guaranteed coverage options. Here are a few key points in life where a guaranteed life insurance plan might be your best option:
When you’re living with a health condition
The most attractive feature of a guaranteed issue plan is that your acceptance is guaranteed. Other plans may disqualify you due to pre-existing conditions. Not so with guaranteed plans, where there are no medical exams or health questionnaires when you apply.*
When age becomes a factor
If you reach a certain age and decide you want to make sure you can leave some money for your spouse, children or grandchildren, a guaranteed life insurance plan is a good way to leave that legacy. It can provide your loved ones with a lump-sum, tax-free benefit to use any way they please.
If your other life insurance is expiring
Many life insurance plans expire when you reach a certain age. And if you have a plan through your employer, it will likely end when you retire. At this point in life, you may have health issues that can make it tough to get a term life plan. But with many guaranteed issue plans, you can apply later in life, regardless of health issues, and the plan may never expire.
When you don’t want your rates to change
Expense fluctuations can be really stressful when your budget is tight, as it can be in retirement. But many guaranteed life insurance plans lock in your rates so that they never increase, helping to keep your monthly or annual financial protection expenses consistent.
If now seems like the right time for a guaranteed life insurance plan, discover how CAA Guaranteed Issue Life Insurance can help.
* Guaranteed acceptance upon meeting the eligibility criteria and receipt of first premium payment. See full policy for details.