When is the Right Time to Buy Insurance?

By LouAnn Schulfer, AWMA®, AIF® Accredited Wealth Management AdvisorSM, Accredited Investment Fiduciary® , Published Author |

It’s been said before that no one likes insurance until they need it.  There always seems to be something better to do than discuss life or long-term care insurance and something better to “spend” money on than a policy.  Afterall, very few people will die tomorrow, and you probably won’t be one of them.  The possibility of needing long term care is tempting to deny.  So, it’s easy to procrastinate.


Conversely, most of us would never think about going without homeowners’ insurance, and mortgage lenders are smart enough require us to have coverage so generally speaking, there are very few people who own valuable buildings that are not insured.    Car accidents happen in a blink and the liability associated with a wreck is a wise trade-off for a premium payment that transfers the financial liability risk to an insurance company.   It would be too late to wait until your house is on fire to buy a policy, or to try to initiate coverage at the scene of the accident.


Have you ever underestimated yourself?  I certainly have.  I have also found that many people underestimate that they themselves are their greatest financial asset if they are in their working years, or their own greatest potential liability as part of the aging process.   It’s best not to guess.  An appraisal is a valuable tool in determining how much to insure your house for.  Likewise, a comprehensive life insurance or long-term care analysis can help you determine the appropriate amount of coverage for the appropriate time frame.  So when is the right time to buy insurance?  Both life and long-term care insurance are cheaper the younger you are and the healthier you are.  Chances are you will not be healthier than you are right now, and I can guarantee that you will not be younger than you are right now. 


LouAnn Schulfer of Schulfer & Associates, LLC Wealth Management can be reached at (715) 343-9600 or louann.schulfer@lpl.com.  SchulferAndAssociates.com , louannschulfer.com or louann.biz 


This material contains only general descriptions and is not a solicitation to sell any insurance product or security, nor is it intended as any financial or tax advice. For information about specific insurance needs or situations, contact your insurance agent. This article is intended to assist in educating you about insurance generally and not to provide personal service. They may not take into account your personal characteristics such as budget, assets, risk tolerance, family situation or activities which may affect the type of insurance that would be right for you. In addition, state insurance laws and insurance underwriting rules may affect available coverage and its costs. Guarantees are based on the claims paying ability of the issuing company. If you need more information or would like personal advice you should consult an insurance professional. You may also visit your state’s insurance department for more information.