I know that shopping for life insurance is not a fun task, but it’s one of the most important. A life insurance policy is one of the best ways that you can ensure that your family has the money that they need, regardless of what happens to you. Life insurance will give your family the money that they need if something tragic were to happen to you.
Because nobody wants to think about his or her death, it’s a purchase that tends to get put off until “tomorrow.” I see people make tons of different excuses to not purchase life insurance. Here are six of the worst excuses I have come across.
- I’m Young, Healthy, Won’t Die Anytime Soon and Just Don’t Need It
I believe the main problem with life insurance has to do with the difference between a need and a want. Often time’s people put off the things that they need for the things that they want. Regardless, the fact of the matter is that 99% of the families with dependent children in this country, NEED life insurance.I believe with all my heart and deep within my bones, if you have a family with dependent children and you DON’T have life insurance on income earners (or aren’t at least considering the purchase of a policy) you are being negligent and are committing a huge disservice to your family. Particularly if your family has a single income earner.If your family’s sole income provider were to die unexpectedly, that could have a devastating effect on the surviving family members. As if losing a spouse or parent wasn’t hard enough to deal with, having to struggle to make ends meet with the loss of the family’s income would make the entire grieving process that much more difficult.No one wants to think about their own mortality, but it’s a fact of life. I’m not going to throw out statistics about the likely hood of passing-away prematurely, but I will say this; no one buys life insurance with the hope or expectation of using it. Just like everyone has to buy car insurance without the expectation of needing it either. You purchase it with the hope that you won’t need it but can sleep sound at night knowing that if something happened to you, your family would be taken care of financially.
- I’ll Purchase It Sometime Soon or I Don’t Have Time For ItHumans are creatures of habit, and for many (myself included), procrastination is one of those habits. Life insurance, though, is not one of those things that should be put aside till later. Despite the fact that we all believe we’ll live long lives, well into our senior years, the devastating effect that not having life insurance could have on your family is immeasurable.I once heard an agent say this regarding life insurance to his client, and it really stuck with me:“It’s better to have it three years too early than one day too late”.
The acquisition of life insurance these days is so simple and autonomous, that it takes very little time and effort on the applicants part to actually apply for and finalize a policy. Gone are the days of having to meet with an agent at your home, face to face to complete an application. With our technology, we can provide you instant multi-carrier life insurance quotes and apply to multiple companies on your behalf by completing a single page application over the phone. Applying for life insurance has become quite a simple task.
- I Have Plenty Of Assets, I Don’t Need Life InsuranceLife insurance is meant to conserve an individual’s estate for their survivors, as well as replace lost income. Although expecting your surviving family members to liquidate their assets to make ends meet is not a horrible thing, or unheard of; it’s usually recommended that some types of assets are left whole for future income needs such as retirement accounts and other investment accounts.Often time’s assets such as businesses are left behind for families which can cause a lot of complications and headaches for surviving family members. If you pass-away and expect your survivors to sell off the family business, that alone could take years to complete the sale and liquation process of the business, leaving your family struggling waiting for that sale to finalize.And, if the sale of the business is done quickly to get your family the money they need to make ends meet, selling a business hastily could lead to a huge undervaluation of the business and potentially lead to a rather large monetary loss to your family as a result of selling off the business quickly.
- I Have Life Insurance Through WorkSolely depending on the life insurance provided through your employer to financially protect your family in the event of your death is a huge mistake. Why? Because the life insurance you have through your job is typically only one to two times your salary. This is HARDLY enough to provide any adequate income protection for your spouse and dependents. A simple rule of thumb as to how much life insurance an income earner should have is seven to ten times their annual salary.Another issue with depending on employer provided life insurance is that you don’t own that policy. If you leave your job you lose that coverage; if the next employer you work with doesn’t provide life insurance coverage then your family is completely unprotected.You do however have the option to purchase that life insurance policy you have from your employer. Which in most cases is a huge mistake; reason being is that when you purchase your employer provided life insurance it’s what we call a “guaranteed issue” life insurance policy. What that means is that you don’t have to prove insurability to purchase the plan, meaning you won’t have to take a health exam and the life insurance company won’t inquire about your current health.That may sound good to you, however it’s not for your life insurance rates. These types of life insurance policies are very expensive dollar for dollar when compared to purchasing a life insurance policy where you prove your insurability to the life insurance company. If you can prove to them you are healthy you can acquire MUCH cheaper rates.
No worries though, as we said, you can always purchase your own individually owned life insurance policy. However, consider the premium savings you’ve lost by not purchasing your own policy earlier. Because you depended on your employer provided life insurance for so long (maybe the last 10 years we’ll say), now your life insurance premiums are more expensive due to you being 10 years older. Compound that with the potential of you developing health issues over the last 10 years, and now your life insurance could cost you a pretty penny due to increased age and health concerns.
Purchasing an individually owned policy while you’re young and healthy is always a great option to save you money on premiums over the life of the policy and to provide your family with the income protection they need.
- It’s Going To Be ExpensiveLife insurance can actually be very affordable. The fact of the matter is, by working with us to acquire your life insurance quotes; we shop your case to over 60 top rated life insurance companies and work hard to get you the best rates possible.Not only do we provide you quotes from multiple top rated life insurance companies, if you have a health concern that may pose a problem with underwriting, we work with the underwriters directly to get you the best rates possible and portray your health in the best light to them. In addition, since we work with so many life insurance companies, we know which companies look more favorably upon individuals with certain health conditions. All of this just means we know how to work hard to get you the best rates available to you.Most of our clients are surprised to see how affordable life insurance coverage can be. In fact, we can help you get the lowest rates available and give you some tips to trim down your insurance rates. You can’t put a price on the peace of mind that life insurance will give you, but that doesn’t mean that your plan has to break your bank every month.
- I Don’t Want To Go Through The Health EvaluationJust a couple years ago my wife and I decided that we should purchase her some additional life insurance (we had just purchased a new home and she received a promotion at work which justified the need for additional coverage). Being a life insurance agent and having to schedule clients for health examinations all the time, I decided I wanted to be present for her exam to see how her meeting went.The gentleman was very nice and arrived at our home on time; we had scheduled it for a Saturday morning. Quite literally, this guy was in and out of our house within 15 minutes, he completed the entire exam in no time. It was amazing.In that 15 minute span he did the following; entered our house and sat at our kitchen table to get the process started and setup. Meanwhile my wife went to the bathroom to complete the urine specimen. Once done she sat at the table to confirm some basic information and then he took her blood pressure reading. Right after that he had her stand on a scale to note her weight and then measured her height. After that he drew a small blood profile and the exam was done. Literally, he was out of our house in 15 minutes flat. It was amazing.
Now, I know some people have needle phobia, however, take this into consideration. These individual are professionals. Literally, all these people do all day long is go from appointment to appointment drawing blood and completing life insurance health evaluations. They are professionals at what they do just as you are at your job. If you are still worried you can always opt for a no exam life insurance policy but they will cost more.
I had the same experience with my life insurance health evaluation as my wife did. They were in and out within 20 minutes, and, did a great job of drawing my blood profile. And trust me, I don’t enjoy needles either and I had a great experience with my examiners professionalism and ability to draw my blood. Don’t let something as simple as the health evaluation keep you from providing the financial protection your family deserves through life insurance.If you have any questions regarding anything you read here today or if you are interested in a life insurance quote please don’t hesitate to give us a call or complete the contact form on this page.
You never know what’s going to happen tomorrow. You can’t predict the future, which means you shouldn’t wait any longer to get the insurance protection that you and your family deserves. If something tragic were to happen to you, and you didn’t have life insurance, then your loved ones would be responsible for all of your bills. Your life insurance is not for you, it’s for the people that you would leave behind.