Watch CBS News

3 insurance types you shouldn't wait to buy

By speaking to an insurance agent, you'll get a better understanding of which policies to buy now (and which ones you can delay purchasing). Getty Images

In an economy still recovering from high inflation, Americans need to be judicious about how they spend their money (and what they spend it on). With less room for error and higher borrowing costs tightening many budgets, each product and service must be weighed carefully. That said, an error in financial judgment now could result in serious ramifications in the future. This is especially true for insurance policies.

If you buy a policy too soon, you could risk paying for protections you can't use and don't need. But if you wait to act, you could lose out on the prime benefits a policy can offer (and you may even be disqualified from a policy in full). 

With this in mind, it's important to understand which insurance policies you may be able to hold on — and which ones you shouldn't wait to buy. Below, we'll break down three insurance types you shouldn't avoid purchasing.

Don't have life insurance yet? Start with a free price estimate here now.

3 insurance types you shouldn't wait to buy

Here are three insurance types that make sense to purchase now.

Life insurance

Life insurance can be valuable for groups of all ages (even seniors). But the longer you wait to apply, the higher your premium will likely be. And even if you can afford the higher price tag, the coverage amounts are likely to be significantly lower than what you could have secured by acting when you were younger and healthier. 

For example, a $1 million life insurance policy may be easily obtained by someone in their 30s, but someone in their 60s may not even qualify. With this understanding, it makes sense to buy life insurance now, guaranteeing financial protection for your loved ones long into the future.

See how much a life insurance policy could cost online.

Long-term care insurance

Long-term care insurance can greatly reduce the costs of a nursing home or assisted living facility. A policy can also help pay for the use of an in-home caretaker for those who want to age at home. But, like many other insurance policies, it will only grow in cost if the applicant waits to buy in. 

And considering that long-term care costs are only rising, it makes sense to get a policy now. While you'll likely be able to secure a policy in your 60s or 70s, there's a compelling case to be made for those in their 40s or 50s, too. 

Learn more about your long-term care insurance options here.

Pet insurance

If you're one of the millions of pet owners in the country then you're likely already familiar with the growing costs of pet care. Fortunately, pet insurance can help reduce these costs by reimbursing owners for a wide variety of veterinarian visits, treatments and even some medications and procedures. 

But, if you wait, you'll pay more for an adult pet than you would a puppy or kitten. And you'll risk the development of pre-existing medical conditions while waiting. Considering pet insurance companies don't cover these items, then, it's beneficial to act now before prices rise and coverage is limited.

Explore your pet insurance options online to learn more.

The bottom line

When it comes to financial products and services, timing is everything. And the timing for buying life insurance, long-term care insurance and pet insurance for your dogs or cats is now. If you wait, you'll likely pay more for significantly less coverage — assuming you're approved for a policy at all. So don't wait for that problem to surface. Act now and secure financial protection and peace of mind for months and years to come. 

View CBS News In
CBS News App Open
Chrome Safari Continue
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.