The earlier you apply for insurance (both for life and illness) the better. Frist of all let me explain the difference between the two. Life insuance pays upon death, Living benefits insurance pays when you are sick or injured. There are many different types and some better than others. What I want to say to everyone here today is that the earlier you apply the better off you will be - hands down. Your premiums will be lower (what you pay on a monthly basis) so they will not be so hard on your already formulated budget. The older you get the more expensive it is even if you are in good health. Also, the longer you wait the more chances you have of having health issues (big or small) and the insurance company finding reason to increase your premiums because you are more of a risk. Family history is another major player and so of course as our parents get older they too have more health risks and incidents of sickness. Driving record is another contributing factor, so even if you don't have any DUI's an abundance of speeding tickets will work against you. Drugs, alcohol, smoking and medication will decrease your chances of getting insurance or getting a preferred rating (lower cost due to good health). I have even had young healthy clients apply and found out through the medical testing that they had a serious health issue. I have policies for my kids because right now they don't have any bad habits (and hopefully never will, but let's be serious), they also haven't been sick or on medication and they are so young it's dirt cheap.
What are you waiting for? You aren't getting any younger, and in some cases you may increase your income over time but your expenses will increase as well. Save yourself money and hassle and just do it! Even if you don't have dependents, a mortgage or a spouse you can still get the program started. Planning ahead saves a lot of headaches, and devastation. Mortgage insurance or creditor insurance (when you cover the lenders ass) just won't cut it. You need CASH in your hand to pay bills and feed mouths. No one wants to be dealing with financial stress during the heart breaking experiences of losing your partner or loved one. Personally owned policies are always the way to go, and if you want a second opinion check out CBC's marketplace for additional info on the risks involved with creditor protection. http://www.cbc.ca/marketplace/in_denial/
Chances are that if you have a health scare you will be knocking down the door for insurance, because now the risk is real but they won't want to insure you because you have had an illness or injury. Even if you do all the right things, and you are a superb driver/eater/excersize machine - disater can still strike ANYWHERE TO ANYONE. You aren't superman, and even superman ended up disabled (Christopher Reeves).
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