- Excuses, excuses, excuses; generally people say they don’t have enough money to buy life insurance, budget is tight; not enough money; may be in the future’ don’t need right now or I am not going to die too soon. Do you think that one of this haunts you also?
- I don’t have money- costs too much. In today’s world everything is getting costlier and sometimes it’s hard for people to save or manage day to day cost of living. A millennial starting his new life as young employee may be buried already under heavy student debt, a new member in the family of young couple has increased the living expense, day care costs, often mechanical breakdowns of an old car, there could be thousands of reasons for not having enough cash to buy life insurance. But believe me buying life insurance is not always expensive, especially when you can buy a new policy for less than the cost of a bagel or a favorite coffee cup and even though there is a budget constraint, what if something happens to you?
- This is something not for me may be old people? People often think of life insurance for older people having health issues turned down by insurance companies, funeral coverage or whole life insurance products offered to young children with attractive taglines and some nice pamphlets or in many cases they relate to products offered to children in schools but there are products for young people with varied needs and usage.
- I am not dying young; why should I buy insurance? I go to gym every day, eat healthy and take good care of my health. I’m strong and eat right, stay active, and everyone admires how grounded and centered you are. You passed your last physical with flying colors! That’s GREAT! But you’re neither immortal nor indestructible. It’s not even that something could happen to you – though it could – so much as when you’re at your strongest and healthiest, there’s no better time to get a policy to protect your loved ones. If you fall seriously ill or suffer significant injury later, it will make it tougher to get that kind of policy, if any at all.
- I have life insurance through my job. Many people are offered life insurance as part of their employee benefit coverage –and often, it’s the first time they encounter life insurance and have no idea that a $50,000 policy, or one or two times their salary, isn’t as much as they think it is. It sounds like a lot of money, until you figure that it has to cover some or all the expenses for your loved ones in your absence. Plus, if you leave the job, it’s typically the type of insurance that doesn’t “move on” with you.
- I don’t have kids. Sure, kids are a big reason why some people get life insurance. But that’s not the only litmus for needing protection. If there is anyone in your life who would suffer financially from your loss—your spouse or live-in partner, a sibling, even your parents—a life insurance policy goes a long way in making sure everyone’s still OK even if something happens to you.
- Life insurance—it’s on my list … eventually. There’s no deadline on life insurance, no mandate from the government on purchasing it. Your parents may have never talked to you about its importance, and it’s certainly not the most invigorating topic for conversation. But don’t let your “eventually” turn into your loved ones’ “if only.”
- I don’t have mortgage? You can always relate the need of having life insurance to protect the biggest asset of life; House. But insurance is not always about protecting loans, what about income replacement for dependents, taxes at death, education funds for kids, business loans and for business persons: TIRE- Tax Planning, Retirement Planning, Investment Planning and Estate.
- Insurance companies don’t pay claims……Generally people think that at the time of claim it is hard to get money from insurance companies but that’s not true. Every year Life insurance companies pay millions of dollar in claims. They sell policies to pay claim even though we know that all are not going to die young but some day death will definitely happen. The only time a claim can be denied is if there is material misrepresentation amounting to fraud.
If any of this sounds daunting, just know that you can talk to an agent—at no cost. They will help you figure out how much you may need, and also find a policy that fits into your budget.