Nobody wants to gamble with their family's financial future. If you've been putting off buying a life insurance policy, but have a need for one, it's time to nix the excuses and get back to why you need coverage and who you are buying it for.
The following are five common reasons why some people who initially show an interest in life insurance don't end up purchasing a policy, along with key takeaways to help you ditch any lingering excuses:
1. Life insurance is too expensive.
The number one reason people put off buying life insurance is because they think they can't afford it. In fact, when asked the price of a 20-year, $250,000 term policy for a healthy 30-year old, 1 in 4 people estimated the cost in excess of $1,000 or more a year.
Key takeaway: Life insurance may be more affordable than you think! There are many different options today to help protect your family, making it possible to find the right balance between coverage and affordability. Comment or PM me if you need more advice.
Key takeaway: Life insurance may be more affordable than you think! There are many different options today to help protect your family, making it possible to find the right balance between coverage and affordability. Comment or PM me if you need more advice.
2. I don't need another bill.
For many people, life insurance is just another monthly bill to add to the already growing stack. But are all of your monthly expenses going toward absolute necessities?
50% of consumers surveyed indicated that additional living expenses, such as their monthly Netflix/Astro bill, is just one of the many financial barriers that kept them from buying some or more life insurance. We're not saying you need to sacrifice the fun things in life in order to buy a life insurance policy, but if something were to happen to you, isn't your family worth forgoing a month's worth of fancy coffee drinks or brown bagging your lunch a few times a week?
Key takeaway: Most of us have conveniences and niceties that we spend our hard-earned money on each month. When you really stop and think about it, are there things in your life you can cut back on or just prioritize differently to afford the life insurance coverage you need?
50% of consumers surveyed indicated that additional living expenses, such as their monthly Netflix/Astro bill, is just one of the many financial barriers that kept them from buying some or more life insurance. We're not saying you need to sacrifice the fun things in life in order to buy a life insurance policy, but if something were to happen to you, isn't your family worth forgoing a month's worth of fancy coffee drinks or brown bagging your lunch a few times a week?
Key takeaway: Most of us have conveniences and niceties that we spend our hard-earned money on each month. When you really stop and think about it, are there things in your life you can cut back on or just prioritize differently to afford the life insurance coverage you need?
3. The process is confusing and I don't know where to begin.
Many people put off buying life insurance because they're confused about what type of policy to buy, how to go about calculating the amount of coverage they need, and have too many unanswered questions.
People who are new to the life insurance buying process can feel a bit overwhelmed. The fact is, with the right resources, the entire process can be managed from start to finish in a series of simple steps. Yes, it involves a process, but so does buying a house or a car.
Key takeaway: Don't go it alone. Work with a qualified life insurance agent or company representative who can guide you through the process and get the answers you need to make an informed decision.
People who are new to the life insurance buying process can feel a bit overwhelmed. The fact is, with the right resources, the entire process can be managed from start to finish in a series of simple steps. Yes, it involves a process, but so does buying a house or a car.
Key takeaway: Don't go it alone. Work with a qualified life insurance agent or company representative who can guide you through the process and get the answers you need to make an informed decision.
4. I don't like thinking about death.
Newsflash - nobody likes thinking about their own mortality, so you're in good company. Unfortunately, death is a part of life. If you have people who depend on your income for financial support, then most likely need a life insurance policy to protect them.
Do you have car insurance? What about a homeowner's policy in the event your house catches on fire? The truth is, nobody likes thinking about getting into a catastrophic car accident or watching their home and precious belongings go up in flames, yet we carry insurance to protect them. If you know you need the coverage - now is the time to get the process started.
Key takeaway: Once your policy is issued, be sure to pay your premium and review your coverage at least once a year - just like you review and renew your auto and homeowner's policies.
5. I'm young and single. I don't need life insurance.
While it may not seem as important to have life insurance as a single person in your early 20s, that could all change just a few years down the road when you get married and start a family. Plus, there are many ways a single person can use life insurance to take care of financial obligations that could burden those you love should you die unexpectedly.
For example, do you have outstanding balances on credit cards or a vehicle loan? Has a family member or friend cosigned on a student loan or mortgage on your behalf? If you were to die unexpectedly, who's going to satisfy these obligations? Having outstanding debts means your estate will have to deal with what you owe. And, leaving any loans to be paid by a cosigner means that the people you love and who have helped support you, will now be on the hook.
Key takeaway: It can be a lot less expensive to get a life insurance policy today, while you're young, versus waiting. And with a permanent life insurance policy, such as whole life or investment linked policy (ILP), purchasing in your younger years allows you to enjoy those rates for the life of the policy.
Does any of above sound familiar to you? I hope that I've helped nudge you just a bit closer to pushing aside any hesitation that may be keeping you from getting the coverage you need - for today and tomorrow.
For example, do you have outstanding balances on credit cards or a vehicle loan? Has a family member or friend cosigned on a student loan or mortgage on your behalf? If you were to die unexpectedly, who's going to satisfy these obligations? Having outstanding debts means your estate will have to deal with what you owe. And, leaving any loans to be paid by a cosigner means that the people you love and who have helped support you, will now be on the hook.
Key takeaway: It can be a lot less expensive to get a life insurance policy today, while you're young, versus waiting. And with a permanent life insurance policy, such as whole life or investment linked policy (ILP), purchasing in your younger years allows you to enjoy those rates for the life of the policy.
Does any of above sound familiar to you? I hope that I've helped nudge you just a bit closer to pushing aside any hesitation that may be keeping you from getting the coverage you need - for today and tomorrow.
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