5 (BAD!) Reasons people skip out on life insurance
5 main reasons people don’t buy life insurance (and why they are bad reasons!)
Anyone who follows our content or knows us personally knows that we full heartedly believe in life insurance as a must own product for any adult. Especially those who have families, are planning on starting families or have homes or other large purchases that are not already paid off. Aside from just those reasons there are a ton of reasons you should have life insurance. Using its cash value to put kids through college (which is another blog post in and of itself) ensuring final costs of life are covered and many, MANY, other things far to long to list here. Today we are here to dispel a few common myths and misconceptions that we and nearly all other agents and brokers hear all time as to why people are not carrying a life policy in hopes that we can express the extreme importance of ensuring you are covered as early in life as possible with the adequate coverage you need!
1. Costs to much or cannot afford it.
In a 2014 survey conducted by LIMRA and nationally known nonprofit life happens 63% of the those polled claimed that their reason for not currently carrying a life insurance policy was the cost. That could mean one of two different things, that they did not believe the cost was worth the value or that it was outside what they could reasonably afford to pay. 69% of the people polled claimed that their basic living expenses such as housing, food and home utilities prevented them from carrying a life policy, while an additional 52% cited secondary costs such as cell phones, internet and cable were barriers to them purchasing a policy. However when asked what people believed a 250,000 dollar life insurance policy on a healthy 30 year old adult costs, people 25 and under believed it to be upwards of $1000 annually while people over 25 guessed slightly lower. In actuality the number is much lower annually. However it is important to note here that as you age the cost of life insurance continues to grow more quickly. As you have seen me say in previous blogs the best time to get life insurance was in the past but the next best time to get it is today!
2. Relegated to the long term “to do” list
While its not understatement to say starting a family, buying a new home or simply continuing to work to support those things is a mass expenditure on our time and attention it may be surprising to know exactly how many people claim that is the sole reason they are not currently carrying a Life insurance policy that protects those things they are working so long and hard for. 30% of those polled in the survey sited above claimed the reason they did not currently have an insurance policy was only because they simply hadn’t found the time to get one. While I can certainly understand trying to find time between screaming babies, answering work calls and building a home let me simply say we are here to do that heavy lifting for you. If you can find five minutes we can get the wheels rolling! Don’t let perceived time constants hold you back for planning the future protection your family needs! We can get you the information you need and with only a five minute initial investment of your time! Just click here to get started!
3. Too many options, not enough knowledge
Nearly 19 million people admitted to having reached a lull in the life insurance shopping process. Claiming it is marred by to much Information and not enough common knowledge. Let me start by saying if you have any questions we have a page that can start to answer some of those for you right here! However insurance is also a deeply personal purchase and many people find themselves stuck asking personal questions about their coverage, How much do I need? What kind of life insurance do I need? As I mentioned above in as quick as five minutes we can get started on the answers to those personal questions. We pride ourselves on working with our potential clients to ascertain their individual insurance coverage needs based on all of their personal circumstances.
4. Uncomfortable with the conversation.
30% of the people in the LIMRA survey cited that they were uncomfortable having conversations that involved their own deaths as a reason for not having a life policy. We agree, taking your own mortality into consideration is hard. But who it is ultimately the hardest for are those we leave behind. Our families. Children, Spouses, Partners. Once we work past the uncomfortable feelings involved with talking about our own mortality its easy to see that one of the best things we can do for those we care about most is not to burden them with left over finical responsibility or costs incurred from our own post life expenses. While it certainly is one difficult conversation today, that one difficult conversation can save months or years of heartbreak or hardships for those in your family. We have previously covered some of these stories from people who’s lives were ultimately made better or saved from a loved ones life insurance policy in a previous blog post that we invite you to read over and consider while ultimately making your decision.
5. Trust issues
37% of people polled in the LIMRA life insurance survey stated that they had a difficult time trusting insurance companies. Additionally 36% stated that they also had difficult times trusting insurance agents. Any industry that is sales based is bound to breed distrust from a certain number of its customers, and we understand that. Our goal as a company is to ensure that you as a consumer are as knowledgeable as possible about the product and coverage you are interested in. It is up to us to ensure that you, our potential customer are equipped with the knowledge required to make an appropriate decision when it comes to protecting your family, and that is a responsibility we take very seriously. We make ourselves always available for any questions regarding your current or potential coverage you may have and are always wiling to offer any additional information or advice you may seek. Knowledgeable, Informed customers are happy customers. We aim to ensure every one of our customers is a happy customer. Please always feel free, current customer or not, to reach out to us via email or phone with any questions regarding your life policy or any other policy you may have questions about.
Hopefully you have found an answer or resolution to any reservations you may be having about getting your life insurance policy conversation started in the text above. But no matter when your ready its always as easy as a five minute investment to get your life insurance quote and conversation started today!