Why you should purchase life insurance at a young age

This week I heard  my favorite singer of all time, Neil Diamond had Parkinson Disease.  I’m so sad to hear of his misfortune, but it reminds me of a client of mine.

Several years ago a client purchased a life insurance policy on his 5 year old son.  Most people say that it’s crazy to buy such a policy and completely unnecessary.  But the importance of buying life insurance at a young age has 2 MAJOR advantages …… you lock in your medical insurability and they are dirt cheap.  After you’ve been diagnosed with a serious and/or debilitating  disease at any age, you can’t purchase life insurance, you’ve lost your medical insurability which is an underwriting term to determine eligibility to purchase a life insurance policy. And this is precisely the time when people understand the importance of having life insurance

Ten years after my client purchased life insurance on his son, that son was injured in a skiing accident with medical issues for the entirety of his life.  He no longer has medical insurability, but he has a life insurance policy.  I’m sure Neil Diamond has life insurance policy which will certainly help his family with medical costs which I’m sure are getting expensive.