In an exclusive interview with leading financial advisor Sandeep N Setty, we dive into the crucial topic of life insurance and why today is the best day to purchase it. Setty, who has guided numerous individuals and families toward financial stability, stresses the importance of acting sooner rather than later when it comes to life insurance. “It’s always better to start five years early than one day too late,” he advises.
Why Start Early?
The core message Setty wants to convey is simple: life insurance is an essential part of financial planning, and the earlier you purchase it, the better. While many people delay the decision, hoping they have more time or that premiums will stay low, Setty points out that insurance costs only rise with age and health deterioration.
“Most people don’t realize that insurance only gets more expensive over time,” Setty explains. “The reality is, insurance isn’t just about a policy—it’s about reducing the impact of life’s unexpected challenges. Life happens when we least expect it, and life insurance is the safety net that helps protect your loved ones from financial setbacks.”
Setty’s advice is clear: life insurance should be viewed as a financial tool that helps mitigate risk, especially when it comes to covering potential medical expenses, and outstanding debts, and providing for your family’s future in the event of an unforeseen tragedy. But the real secret to making the most of life insurance lies in timing. The longer you wait to secure coverage, the higher your premiums will be.
Insurance is Purchased With Health, Not Premiums
“Insurance is purchased with health and age first, and later with premium—it’s not the other way around,” Setty emphasizes. This crucial point is often overlooked by those who wait until they are older or in poor health to consider life insurance. When you are younger and healthier, you are deemed less of a risk to insurers, and as a result, your premiums are significantly lower.
By waiting until your health starts to decline or your age increases, you could end up paying substantially higher premiums. In some cases, you may even be deemed ineligible for coverage due to health conditions that arise with time. Setty advises that purchasing life insurance in your 20s or 30s—when you’re likely in good health—ensures that you lock in a low premium rate for years to come.
Why Today Is the Best Day to Buy Life Insurance
When asked why now is the best time, Setty puts it simply:
“Because Risk Can’t Be Ignored, Eliminated, or Delayed—It Can Only Be Mitigated.”
Think about it!
Advantageous to secure your life risk now:
- Costs rise as you age: Life insurance becomes more expensive the longer you wait.
- Health is unpredictable: Even if you can afford it today, circumstances may change tomorrow.
- Protect your loved ones: Buying now secures a financial safety net at the lowest possible cost.
The best time to mitigate your risk is today—not tomorrow. Ensure your family’s future and take the first step by securing life insurance now.
A Call to Action
For Setty, the message is urgent—if you don’t have life insurance yet, now is the time to get covered. “If your family isn’t covered yet, now’s the time to talk to your financial advisor and find out how you can protect what matters most,” he urges.
He also stresses the importance of sharing this advice with loved ones. “Please share this with your family and friends. Take the time to get them covered—premiums will only rise, and the earlier they act, the better off they’ll be.”
Life insurance is not just about protecting yourself in the event of an emergency; it’s about ensuring that your family doesn’t face financial hardship during an already difficult time. It’s the peace of mind that comes with knowing your loved ones will be taken care of, no matter what life throws their way
