Are you like the majority who don't have life insurance, but also know that you should? Life insurance is probably something you're uncomfortable talking about, but it's far too important to put off. September is life insurance awareness month, making now a good time to reconsider what is really holding you back.
Here are perspective on the six most common reasons people delay buying life insurance
It's too expensive. Cost is the number one reason people don't have life insurance. A study shows that consumers tend to overestimate the price of life insurance. For instance, when asked how much a $250,000 term life insurance policy would be for a healthy 30-year-old, the median estimate was $500 annually—more than three times the actual cost. Life insurance is probably more affordable than you think—and there are lots of ways to bring the price into your comfort zone.
I have a health condition. The good news is that having a health condition doesn't automatically disqualify you from getting life insurance. If you overcame a serious condition in the past or if you are managing a condition with the help of a medical professional, you can still be covered.
I don't have any kids. There are many reasons people with no children still need life insurance. Just a few include providing for a financially dependent spouse or another family member, having the money to pay for a funeral or being able to pay off a loan that has a cosigner. Life insurance can also help you leave a gift to a religious, educational or charitable organization near and dear to your heart.
I don't work outside of the home. If you stay home to care for kids or other family members, it may take hiring someone to replace all that you do. And that could be pricey, so definitely consider buying life insurance as a way to cover those additional expenses.
I'm not sure what I need. Most people don't—but there are plenty of life insurance agents/advisors out there to help you. There are a wide range of insurance product to meet your needs and your budget.
I don't have the time. Life is busy but financial planning is critical. One can buy simple life insurance product online and it only takes a few minute. For a more complicated life insurance need - it will take only a few hours to invest in an appropriate policy.
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