There have been several advancements in the medical field over the years. One thing we’ve been pretty good at for quite some time is determining when a baby will be born. When a woman becomes pregnant, usually about nine months later a beautiful baby is born. There is a lot of anticipation centered around the “due date.”
Actuarily speaking, we’re pretty good at determining the average life span of a group of people. Americans born today have an overall life expectancy of 78.7 years. Women can expect to live 81.2 years, while men can expect to live 76.2 years.
We are pretty good at determining those two dates. But we are horrible at determining two very important dates: the day we become uninsurable and the day an accident will happen.
Obtaining the proper amount and type of life insurance isn’t a battle against the day we die, it’s a battle of the day we become uninsurable or have an accident. Life insurance companies determine the level of risk they are willing to accept on an individual based on several factors, one of which is the health of the proposed insured. Unfortunately, we all probably know someone that has had a form of cancer, dealt with long term effects of Covid-19 or other life-threatening diseases. People that have had to deal with these issues may be uninsurable.
Having the proper insurance in place while you’re younger and healthier can give you peace of mind prior to the unthinkable happening. Just like you cannot get insurance on your vehicle after an accident, it’s difficult and nearly impossible to get life insurance after a severe diagnosis.
Accidents happen everyday and it’s always unpredictable. Usually, accidents happen outside of our control. What is within our control is our ability to plan. Owning the proper life insurance coverage protects our loved ones against the unforeseen.