The Top 7 Baseless Excuses for Not Having Life Insurance

Butt Out – Or Not? What Your Insurer Needs to Know if you Smoke
February 10, 2012
The Lady Gaga Guide to Finding the Right Insurance Broker
March 12, 2012
Show all

The Top 7 Baseless Excuses for Not Having Life Insurance

I hear them all the time.

And for every excuse I hear from a prospective client, I am reminded of a handful of existing clients who felt the same way but, thank goodness, decided to purchase life insurance.

More than anything, life insurance is a protection, a safeguard and it provides peace of mind.  And granted, nobody wants to consider that the worst case scenario will touch their lives.  But you must.

And so in order to underscore the critical importance of life insurance, it’s essential to dispel the myths that keep people from buying it.

Here they are:

1. I don’t yet have a family

This is a silly excuse for a few reasons.  For one thing, if you intend to have children one day, the rates for which you qualify now are almost certainly lower than they will be if you wait.

If you are convinced that you will never marry or have children, you’ll want to consider that without coverage, when you die, your funeral expenses (which can be upwards of $10,000) will default to your parents or loved ones.  Not a nice legacy.

2. I can’t afford life insurance

Of course there are people in this world for whom life insurance is really not a viable or affordable option.  But those people are in a dramatically small minority.  You can probably afford life insurance – you are just making a choice that you prefer your daily double nonfat latte (which costs about the same month to month).

You think that life insurance is unaffordable because you are paying hard earned dollars for something that you will never use.

But life insurance is a smart investment for the people that you love.  Consider a small permanent policy that costs you $30,000 over the course of 25 years.  When that policy is dispersed to your loved ones, it may be worth as much as $250,000.

3. I’m healthy. I can wait to buy life insurance

As much as we don’t want to admit it to ourselves, we are vulnerable.  We could find out tomorrow that we have a life threatening disease.  And even if that disease is cured and never becomes terminal, the premium for a policy after diagnosis will be sky high.

If you wait too long, you may even struggle to find a policy at all.

4. Buying life insurance is complicated

This is a ridiculous excuse.

You can get a no-obligation, free quote for high quality, affordable term life insurance almost instantly.  It’s generally a fast and easy process, and a qualified broker can answer any questions that you might have.

5. I don’t want to undergo the medical examination

This can be a big concern –

  • Some people don’t feel that they have the time to schedule an appointment with the nurse
  • Some people are scared of needles
  • Some people have religious considerations that forbid certain types of medical examinations

But some term life insurance products don’t require a comprehensive medical examination and the nurses that do conduct the examinations are professionally trained and sensitive to your unique circumstances.

6. I already have coverage through my work

If you have a life insurance benefit through your work, that is fabulous.  But work-related benefits are often limited and your policy doesn’t always go with you if you leave your job.

7. I’m not insurable

You may smoke; perhaps you had a childhood disease; or you might be middle aged.  No matter your medical history or your circumstances, you just never know until you explore your options thoroughly with a trained professional.

The bottom line is that until you ditch the excuses and get serious about life insurance, you are taking a chance that simply isn’t worth it.

To learn more about your options, contact Steve Yermus.