Getting Life Insurance Early – Should You?

6 Minute Read | 
April 26, 2022

“You hear it all the time? I don’t need it. What do I need it for? I don’t have a need. Right. You know, maybe I’m not married, maybe I just married? No kids. I mean, spend money on that.”


Adam Stalnaker 0:05
Adam and Joe here. Today we’re going to talk about the importance of getting life insurance early. You know, it’s life insurance is not a favorite topic for a lot of people. So a lot of people don’t get it early. And then we’re also going to talk about some of the cases where people did not get it early. And how that affected family life. Now, Joe, what’s what do you think the major reason is, is for young people not to get life insurance?

Joe Kovach 0:30
You hear it all the time? I don’t need it. What do I need it for? I don’t have a need. Right. You know, maybe I’m not married, maybe I just married? No kids. I mean, spend money on that.

Adam Stalnaker 0:41
Yeah, it’s, they really think that there isn’t a need, but I think there’s always a need. And and what we find is needs change. Right? You know, when I was 22, I wasn’t, I wasn’t married, didn’t have any kids. So my need was very limited. As I got older, you know, married have have a couple of kids have a mortgage, saving for retirement, there’s a whole lot of things and a whole lot of different reasons. Why didn’t get it now. Now, what are the reasons that people should get it at that age? Right, let’s, let’s talk about those real quick.

Joe Kovach 1:13
Sure. I mean, we, you know, number one reason is your health is generally pretty good. As you get older, it might get a little bit worse, you know, I’ll use myself for an example. I was cruising through life, you know, three kids and a wife happiest can be aged 47, I get diagnosed with an autoimmune disease. Thankfully, I already had insurance, right? So I didn’t have to worry about it. But if I needed to get it now, I either couldn’t get it. They may not issue it on me, or I’m gonna pay. Who knows? Three, four or five times the amount of my normal.

Adam Stalnaker 1:42
And you were one of the lucky ones and smart ones that got it early. Right? I did. We’ve we’ve seen it far too many times where people try to get insurance when they have the need, right wife and kids and get denied. Because, you know, the sorts of things that popped up in your life popped up earlier in their life, whether it’s diabetes, a liver condition, and now there’s no coverage. They’ve got to somehow self insure, which is a whole nother bag

Joe Kovach 2:07
that is stressful, really hard. Yeah. Yeah, stressful, no doubt.

Adam Stalnaker 2:11
And, you know, we had one case to where we had a client a little bit older, but had an insurance need and went through the test and ended up having prostate cancer. Yeah. Got denied. That’s how they found out.

Joe Kovach 2:23
Right? He had no idea, right? No, I did anything wrong. on that. Yeah.

Adam Stalnaker 2:27
Scary. And in what’s important, too, is so if you get it young, that isn’t the end of your life insurance journey, right. So as the needs change, and your your family changes, you need to review that insurance all the time to make sure you’re fulfilling those needs, and you have enough insurance for admin is basically insurance needs go like this. Right? Right. You know, it’s, you have all your need is not as big when you’re younger, but the cost is super cheap. Your need is getting higher. And then at the end, the need really isn’t there anymore. But you’ve got a whole lot of options.

Joe Kovach 3:05
Absolutely. I mean, it’s, you know, again, myself, for an example, my kids are in college and how soon they’ll be out of the house. I don’t need as much insurance as maybe I needed when they were between the ages of one and 18. Right. Well,

Adam Stalnaker 3:17
mortgages almost paid off. Right? Exactly. retirements closer to you know, funded, you know, those

Joe Kovach 3:23
little bit older guy. Right, exactly. So it’s no, no, but no, it’s true that you just your needs change over time, you’ve got to revisit that. And just, you know, there’s all kinds of policies to pick from you can you know, term insurance is really, really inexpensive. That’s the low cost version. There’s policies now that combine life insurance and long term care. There’s, it’s it’s a

Adam Stalnaker 3:43
it’s a big pool to pick from. Yeah, and it’s when we when we think about insurance, too, it’s it’s the foundation of the plan, you got to get that foundation in place you do and, and then build the rest of the house around it. And you know, that house isn’t standing strong unless you’ve got the foundation in place. Absolutely. We encourage people to look at the the needs early and check those things out. Exactly. And, as Joe always says,

Joe Kovach 4:12
my favorite saying right, small changes now equal big changes later on. Alright, we’ll

Adam Stalnaker 4:16
catch you guys in the next one.