As many of you are probably going through the annual ritual of writing out your New Year’s resolutions, you might be taking a fresh look at one you may have previously put on your annual lists - stop procrastinating. There are many reasons in life to change this behavior, but I’m mentioning it here in a disability insurance blog because I have watched many clients “put off to later what they could do today.”
What is the cost of procrastinating? The most obvious cost is financial. Premiums on new disability policies are higher as you become older. The longer you wait the higher the cost of the new policy.
The major cost of waiting I have seen occurs when someone who is considering a disability insurance policy has a change of health while waiting. At the least, the cost of the policy would increase and/or the illness or injury would be excluded from the policy. However, the worst case scenario occurs when the illness or injury leads to a permanent disability, affecting the person’s ability to earn an income. Without disability insurance, financial ruin often follows.
So go ahead and include “stop procrastinating” on your list, but this time, don’t wait to stop as the costs are too high.
Happy New Year