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Originally Posted by radioman
@4444 While you're correct in your post it might be a good idea to get that term policy sooner rather than later. Although you're waiting for your child to be born you don't know what could happen between now and then. Locking in insurability is one of the reasons people buy a large T10/20 policy at a younger age. Coupled with the fact that the premiums will be reduced due to a younger age.
An example would be someone being diagnosed with non life threatening cancer or having a heart attack and now that person is declined for a long period of time from get life insurance. We don't know when or if these things will happen.
The waiting game isn't a good one to play with insurance.
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Quote:
Originally Posted by 4444
Sounds exactly like the response from an insurance sales person that makes commission on each policy.
I'm financially literate enough to assess the risks and benefits of my situation.
The insurer always wins in the long run, just like the house always wins in gambling.
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I'm not trying to fear monger, I'm just relaying my experience.
I had a client, aged 35, he got married and bought a place with his new wife. He had purchased a small term policy from me a few years before but it wasn't enough to cover their mortgage so he wanted additional insurance coverage. We applied for additional coverage for him but he was declined by multiple life insurance companies. His brother had passed away a couple of years prior (aged 38) from a heart attack; it turns out their family had a hereditary disease linked to the father's side and so he was deemed uninsurable. Granted this is a rare case, but shit does happen. Thankfully he at least has the small policy from before.