Thursday, December 10, 2009

Too Little , Too Late

By: Zachary Pienkowski

It's never too late to procrastinate. People always feel invincible, like nothing in the world could happen to them. Until it does. Insurance planning is not for everyone, but for those that have responsibilities to dependents, it should be a top priority. Having worked as a financial representative and dealing with clients on an everyday basis, the importance of getting the right amount of insurance while you are still eligible can not be overstated. Many people have waited too long or put off buying insurance and then when the time came for them to get around to it, it was either much more expensive than it would have been if they did it earlier, or they were denied coverage completely. Sometimes medical issues can come up that you do not even know about, deeming you too high of a risk to insurance companies. However, if you purchase insurance early enough and come down with something at a later date, the insurance company do not have the right to take away your coverage. As long as you continue to pay premiums the coverage will stay in force. Struggling over the decision to buy term or whole life insurance is not something that should put off the actual purchase. In most cases, while term comes much cheaper for a large amount of coverage, it can also be converted into permanent insurance. The most important thing is that some coverage is put in place in order to take care of your loved ones if anything ever happened.


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