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Time is definitely not on your side when it comes to buying insurance

By Scott Van Voorhis on September 12th, 2012

Sorry, I forgot to buy insurance. Now that's one lame excuse that just won't cut it.

Time is definitely not on your side when it comes to buying insurance. In fact, time is your worst enemy. Simply put, you need to buy ahead or risk getting slammed with crushing premiums, or worse, not being able to get coverage at all.

Yet despite the perils, too many of us still take that chance, confident there will always be another tomorrow where we can buy that life insurance policy or finally get proper health coverage.

Of course, good health and an accident-free life are far from guaranteed. So for the insurance procrastinators out there, here are some cautionary examples to consider.

The (wedding) bells toll for thee: Getting married is a joyous occasion, no doubt. But it's also time to consider buying life insurance, especially if you are taking on joint expenses, such as a house or children, which you or your spouse couldn't shoulder on your own.

Protect yourself from clumsy neighbors: There are many essential reasons for buying adequate insurance when you move to new home, including protection from that accident-prone neighbor who welcomes you to town by slipping on your steps.

If you are in labor, you are too late: If you don't have health insurance by the time you are wheeled into the maternity ward, you could be out thousands of dollars. Throw in last minute complications and a C-Section, and you are looking at a $10,000 bill in a state like Massachusetts.

Check out fault lines, stream beds: If you have even a suspicion you are in earthquake country or could be in a flood zone, better consider buying quake or flood insurance. If the worst happens, your typical homeowners' policy, no matter how generous, won't cover it. Floods can hit anywhere, and the same is increasingly true of earthquakes as well.

Make sure you add junior to your policy: What could be worse than adding a teen driver to your insurance policy? Failing to do so and then getting a call from junior after he has totaled the family car. Your insurance company might extend coverage, but then again, it might not.

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