Life Care Insurance

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8 Reasons Why People Ignore Life Insurance (But they shouldn’t)

George Washington once said,

It’s better to offer no excuse than a bad one.”

And when it comes to life insurance, nothing else could make any more sense.

My budget is tight for now; I am fit as a horse; I’ll buy one next month or next year or in the next lifetime, perhaps—excuses that are heard so often and make so little sense. Does the scenario sound familiar?

If it does, we’re not going to let you off the hook just yet. We’re headed for some more elaboration and deliberation so that you can spot your excuse and stop making it.

  • I cannot spare that much money.

While everything in general is only getting more expensive by the day. If you can’t give up your coffee, your bagel and your booze, then why life insurance? If you add up, these things, put together, cost much more than your annual insurance premium. If something happens to you, the insurance will pay your family enough so that they don’t have to give up their coffee and their bagel and their booze to make both the ends meet.

  • Well, it’s on my list…

That is the most popular one we’ve heard among the millennial. There will never be a right time. In case of any mishap, you either have a life insurance or you don’t. The insurance provider will not extend a claim to your family because, well, you were planning to buy one.

  • Old people buy life insurance. I am not old yet.

The wise man, Buddha said,

“The biggest mistake is you think you have time.”

That’s exactly what. Life is uncertain. Young people do die. People somehow end up thinking that insurances are crafted for oldies. They’re not. They’re there to support the family, that will be left behind without you, financially no matter how old or young you leave.

  • I don’t have a mortgage.

Life insurance is not just for protecting your loans that you take to create assets like your house or your car. Simply because you don’t have a mortgage as your liability, you can’t leave your spouse and kids to grapple with financial losses. What about your family’s tax, investment, and retirement planning? Should you cause them to go for a toss?

  • I am fit as a horse. I am not dying tomorrow.

I work out, I eat healthy, nothing seems to be wrong with my health. Why would I need a life insurance? Because there’s something called accidents and diseases that come stealthily. While you are in your pink, it’s the best time to actually invest your money and keep your and your family’s future secure.

  • I don’t have kids yet. Cover is not a necessity for me.

That’s an obvious thought. But, they might not be the only ones dependent on you. Even when your spouse is contributing to the household income, you cannot just take away your contribution. They will suffer a great financial (apart from emotional) loss if you don’t leave behind an insurance claim for them to make.

  • My boss pays for my life insurance. Why should I?

Well, that is there. But that’s not enough. The cover could be twice as much as your annual salary, but it’s lesser than you think you need. In case of your absence, your family will certainly need more. And, you don’t marry your job. In all likelihood, you will change it, and the benefit doesn’t move with you.

  • Insurance companies really don’t pay claims. Do they?

Well, the only times they don’t pay up is when you are a fraudster. While there are such great plans that pay 100% of your claims, most pay almost 100%, excluding those, which you agree on papers, are not payable. Millions of money is paid as claims to clients every year.

All said and done, life insurance is certainly a matter of solicitation because it’s a life decision that you cannot base on a fancy advert. Talking to an agent can help greatly in choosing a policy that is customized to your requirements. In case you need to talk to one, we’ll be happy to connect.