Maroc - NEWSDAY.CO.TT - A la Une - 30/Oct 10:41

The cost of waiting

In today’s world, many individuals feel uncertain about their financial future. Rising living costs, inflation and government reforms such as the amendments to the National Insurance System (NIS) have led some to postpone making important financial decisions. Yet, waiting to plan is not a strategy; instead, it is a silent cost that erodes our financial security and peace of mind. Let’s explore how procrastination can have lasting consequences on our financial well-being and our family’s future: 1. Health cannot be bought later Certain insurance products, particularly life, health and critical illness insurance, are purchased with good health. Your insurability depends on your current health condition. Waiting too long to act could mean facing higher premiums or, worse, becoming uninsurable if an illness develops. 2. Time directly affects cost Age plays a major role in determining premiums. The older we get, the higher the cost of coverage. [caption id="attachment_1187550" align="alignnone" width="910"] -[/caption] For example, it was found that a 33-year-old male could secure a $500,000 critical illness policy for approximately $288 monthly; however, at age 43, that same coverage could cost around $572 monthly, nearly double (terms and conditions apply). Waiting, therefore, comes with a real price tag. 3. The hidden risk of inaction Delaying financial planning leaves families exposed to life’s uncertainties. Without adequate coverage, one unexpected event could compromise years of progress and savings. Many times, we have seen on the news or in the newspapers, families lamenting the loss of loved ones, especially when that person was the family’s breadwinner. The emotional loss is immeasurable, but the financial hardship that follows can be devastating. Taking timely action ensures that your loved ones are protected and that their future remains secure, even in your absence. 4. Peace of mind is priceless When you protect your family’s financial future today, you give them, and yourself, the gift of peace of mind. You remove worry and replace it with assurance, allowing life to be lived with greater ease, confidence and purpose. In the end, the cost of waiting is far greater than the cost of action. Every day you delay is a day of lost opportunity, for growth, for protection and for peace. The best time to start was yesterday; the second-best time is today. The post The cost of waiting appeared first on Trinidad and Tobago Newsday.