Don’t Put It Off: When Waiting To Act Can Have Serious Consequences

Marek Uliasz Attribution 2.0 Generic (CC BY 2.0) 

I just read a moving mea culpa from a fellow financial planner.

He wrote about how he and his wife postponed obtaining life insurance while they were waiting to start a family. It seemed reasonable to wait until they “really” needed it. They were young, everything was good, what’s the harm in waiting a few months?

Then the unthinkable happened.

Just days before he was to sit for his Certified Financial Planner (CFP®) qualification exam, this young professional was diagnosed with cancer.

He eventually finished treatment and was declared cancer-free, but discovered that he could no longer obtain life insurance in an amount or at a price he could afford.

“I learned to my dismay that I was deemed uninsurable, for multiple years, by all but a couple of insurers, who quoted appallingly unaffordable policies,” he wrote.

He shared his story with other financial planners so we could learn from his mistakes and help our clients avoid making similar ones. It was a courageous and generous move on his part.

We know this may not happen often. But for this growing family, once was too much.

Frequently, you can put things off for a month or two, and nothing bad will happen. But the reason we buy insurance is to protect ourselves and our family from the unexpected. The longer we procrastinate, the more we’re playing with fate.

So here’s the message: If there’s something you’ve been putting off – maybe obtaining insurance, or drafting a Will, changing your beneficiaries, selling a piece of real estate, or fixing some investment problems – stop procrastinating.

Get it done before another month ends. You never want to look back and realize how much you lost by not taking action sooner. If you’re our client, and we can help you get the task done, just call and we’ll lend a helping hand!

About Mari Adam

Mari Adam, Certified Financial Planner™ has been helping individuals and families chart their financial futures for over twenty-five years. Have a question about your financial situation? Ask Mari!

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