Sometimes people get mad because they can’t get what they want. It’s that way with many of the insurance products that we would like to get, but we can’t get what we want. If we have had poor driving experience, we may have difficulty getting insurance to cover our automobile. If we have claimed too many problems along the way; accidents and things that have happened to our house, we might have difficulty getting home owners insurance. If we are ill, if we have had problems in the past with our body, we might have problems getting disability insurance. If we are unhealthy, we might have difficulty getting life insurance. In fact, the one insurance that a person can basically get any time that they want, or at least once a year, is health insurance through the exchange program. It doesn’t make any difference what your health is like because every single year, you have an opportunity to sign up once more. It doesn’t work that way with disability insurance and with life insurance.
Something I discuss in my book, Investments Don’t Hug: Embracing the Life Insurance Asset - some years ago, nearly 30 years ago, I had a woman, let’s call her Roberta, who came into my office and wanted $50,000 worth of life insurance. We went through the underwriting process, which meant answering a bunch of financial questions, health questions, I believe we had a paramedical exam that included a urinalysis, a report from her doctor. Everything was set and ready to go. In fact, the insurance company issued the policy. She decided, for whatever reason, that she no longer wanted the life insurance. I don’t know what the reason was, but what I do remember, is that about 6 months later, she changed her mind, and we went through the entire process all over again, with the urine specimen, with the medical underwriting, with the report from the doctors, and there was something that did not show up on her doctor’s report. During this 6-month period of time, this woman became a diabetic. She did not qualify for the insurance. The insurance company actually said “please deliver this letter to her, and tell her she needs to share this information with her doctor” because the insurance company was the one who found out that she no longer qualified for the insurance because she was now a diabetic. Now it didn’t mean that she would forever be declined life insurance, it just meant that it was going to be postponed until such time, that she would have her diabetes under control, but even at that point in time, my experience has been that it would not have been at the price from 6 months earlier. It would be at a new price because of the new risk.
So, here is the thing that I want you to remember. We might pay for life insurance with money, but we get it with our health. Now is the time. Today is the day to move ahead and to get the coverage that will protect your family, your spouse, your loved ones against that unexpected death that happens just like unexpected health changes. Again, we might deem that is unfair. Make the decision today. Do it today. If we can help you out through more knowledge from my book, or by helping you to implement a plan for yourself, contact us today.
