Why Waiting to Buy Life Insurance Can Be an Expensive Mistake The process can be much easier and more affordable than you expect.

If you don't have life insurance, you're making a big mistake—one that is costing you money every day.

With so many other items on your to-do list, it can be easy to procrastinate around the process of researching and signing up for life insurance, but the more time that passes, the more you have to lose.

Here are a few reasons your delay could cost you more over the long haul.

Premiums rise.

Life insurance premiums increase between eight and 10 percent each year. Calculate the amount you'll pay if you wait until after another birthday has passed and you'll likely see how much you can save if you can lock in rates now.

Even a $100 increase in annual premiums can make a big difference when compounded over multiple years. As you're signing up for insurance, make sure you choose a life insurance plan with premiums that don't increase with age.

Options decrease.

As you get older, you'll find you don't have as many options as you would have had in your younger years. Once you reach a certain age, many insurance companies won't quote life insurance rates for you at all. Even among those life insurance policies that will still cover you, you'll usually be required to go through a more rigorous application process.

At a younger age, signups will be much simpler and you'll have many more options available to you, making it more likely you'll find the coverage you need.

Health risks increase.

You don't need a study to tell you that your risk of dying increases with age. There are charts that show your increased risk of death due to vascular disease or cancer as you get older but even youth face a daily risk of accidental death. This risk increases for those in some occupations or those who live an unhealthy or high-risk lifestyle.

If you don't have life insurance or you've let your policy lapse, those you leave behind will have the additional stress of dealing with the loss of your income.

Loved ones are at risk.

While life insurance amounts can vary, experts recommend purchasing a policy that covers your income times 10. If you die, that policy will give your survivors the money they need to pay your funeral costs as well as your mortgage and other expenses.

For business owners, this coverage is especially important, since it will provide support to your loved ones in case they need to deal with running your business in your absence. You can also purchase key person life insurance to ensure your employees can continue to operate after you're gone.

There's no time like the present to contact a life insurance agent for a quote. That call can kick off a simple signup process that will give you and your loved ones the peace of mind of knowing they're protected if the worst should happen. Most consumers find that getting life insurance is much easier and more affordable than they expected it to be, making them wonder why they waited so long.

For more information about life insurance options from Entrepreneur Insurance, visit entrepreneur.com/lifeinsurance.