Is One of These Factors Keeping You from Seeking Life Insurance?
For over 200 years, life insurance has protected families from the untimely passing of a loved one. And for just as long, many individuals have relied on mythical reasons not to purchase coverage of their own. Today we tackle the four primary reasons consumers do not purchase life insurance and why seeking coverage should become your priority number one.
#1 It’s Too Expensive
It may be easy to think the cost of a $500,000 life insurance policy must be expensive. But with increased competition, better underwriting, and people living longer, the cost of term life insurance has plummeted. Sure, other life insurance policy types such as whole or universal may be out of your budget. But if your goal is to protect your family today (and it should be), term is the way to go. Consider a 45-year-old, nonsmoking male can purchase a 20-year $500,000 policy for only $78 a month! That’s less than your cup of joe every morning.
#2 I’m Healthy and Fit
That’s fantastic! And you should be proud of staying healthy not only for yourself but for your loved ones too. But we are not invincible. Although the risk for cancer or other diseases may be reduced with a healthy diet and a regular exercise routine, no one is completely immune. Tack on the everyday risks of accidents ranging from automobile crashes to freak environmental events, the sudden passing of a healthy and fit individual would be only that more shocking for the loved ones left behind.
#3 I Have Enough Assets
Congratulations on building up a wealth of assets. However, the question which must be sufficiently answered is whether those assets can replace the income necessary to support your family for years to come. Your assets today may be enough to pay for the necessities including the mortgage, food, and utilities. But, without enough assets or life insurance, some financial needs may never be achieved, such as college funding or your daughter’s wedding. Before dismissing life insurance, do the math to make sure your assets can pay your family’s needs today and in the future.
#4 It’s Too Difficult to Obtain
By now, hopefully, you are convinced life insurance is an important part of a solid financial plan, no matter how difficult it may be to obtain. But good news… obtaining a life insurance policy today has never been easier! Many insurance companies offer policies with no medical exam. Others can insure individuals with pre-existing medical conditions. And yet others can even insure you if you engage in high-risk activities or lines of work.
At the end of the day, life insurance is not for you. It is for your family to ensure they have the financial resources available to live out their dreams, even if you can’t be there with them.