So many agents can testify to the notion that lots of people plan on buying it life insurance - eventually. But as ProducersWeb.com points out, procrastination could wind up costing people who say they'll buy later, just not now.
The website says that there are several ways in which putting off a life insurance purchase puts potential policyholders in financial jeopardy but chief among them is that as one ages, the more expensive it becomes.
To compensate, ProducersWeb says that people often choose to buy term life insurance over permanent because it's cheaper, even though permanent is the one they may need.
The source says that many insurers allow people to convert a term policy into a permanent one, but these individuals often forget that they only have a certain amount of time in which they can switch. This can lead to higher costs and added frustration for people who need a permanent plan.
To avoid these eventualities, ProducersWeb says it's best to buy a base level permanent insurance policy early in life to lock in low rates.
Agents should operate with their potential customers' finances in mind, and this is one way of ensuring that's done.