Life insurance is one of those things people don’t appreciate having until there is a need for it. Sadly, it is too late to buy a life insurance policy when you wish you had it. While most people understand the importance of life insurance in ensuring the financial security of their loved ones, many people put off buying life insurance by using excuses like:
- “I have too many other things to worry about right now. I will buy it eventually”: You never know when something unfortunate or unexpected might happen to you. Don’t play Russian roulette with your family’s financial future. If your situation warrants life insurance, buy it today. Moreover, the longer you wait, the more expensive the policy may get, mainly due to an increase in your age and possible health issues.
- “My other financial obligations are more important than life insurance”: Ensuring financial security of your loved ones is just as important as, if not more than, any other financial obligations. It’s all about priorities and care for the people who depend on you. One way to make room for a life insurance policy in your finances is to spend a bit less on some of your non-essential discretionary expenses, and use the savings to fund a life insurance policy instead.
- “I’m healthy”: Actually, that is one of the reasons why you should buy a life insurance policy now, rather than later. You are more likely to lock in a longer term policy for a lower premium now when you are healthy than when you may not be later. None of us know for sure how long in the future we will remain healthy. In some situations, a policy may not even be available for you if your health deteriorates to a certain degree.
- “My employer’s life insurance will cover my family”: Coverage through your employer is a good start, but unfortunately, it is typically only one to two times your salary. This is hardly enough to provide any adequate income for your spouse and dependents. Also, insurance coverage from an employer is not portable – meaning the employee doesn’t own it and can’t take it with them if they lose their job.
- “Social Security survivor benefits will be enough”: Survivor benefits are typically a modest amount, rarely sufficient for the needed financial security of the survivors. Survivor benefits are based on the earnings of the deceased, and the amount given each month to a survivor is only a percentage of the deceased’s basic Social Security benefit, which varies based on the survivor’s status.
- “It’s too expensive”: Life insurance has never been more affordable, making coverage possible for virtually any budget. There are plenty of inexpensive policies available in today’s market. Besides, not carrying life insurance can prove to be far more costly to you and/or your family in the future.
- “I don’t understand it well enough to buy it”: The concept is simple – you pay a set premium each month (for example, $100) in exchange for a promise that your loved ones will get a lump sum amount (for example, $250,000) in the event of your death within a set term (for example, the next 20 years). To learn more, you should contact a local life insurance agent who can answer all your questions and guide you through the process of buying a life insurance policy.
- “It makes me think about death”: Don’t you think the thought of leaving your spouse, children, or other loved ones, in dire financial straits is equally, if not more, unpleasant as thinking about passing away? Buying a life insurance policy is a great way to express to your loved ones that you care more about their financial security than any unpleasant thought for the time being.
No matter what your excuse(s), there is absolutely no excuse that can justify jeopardizing the financial well-being of your loved ones. If your situation warrants buying life insurance, stop procrastinating and buy it today. Fortunately, life insurance has never been more affordable, making coverage possible for virtually any budget.