A recent study done by Life Happens and LIMRA shows that 4 in 10 Americans don’t have life insurance. In addition, they give a list of reasons which hold them back from getting protected. We are going to tell you why they are wrong.


1. It’s too expensive. Cost is the number one reason people don’t have life insurance. The same study shows that consumers tend to overestimate the price of life insurance more than three times the actual cost. However, life insurance is probably more affordable than you think — and there are lots of ways to bring the price into your comfort zone.

2. I have other financial priorities. Life insurance is not a luxury good. On the contrary, it should be a priority number one as it not only covers funeral expenses (as many think), but can also help replace lost income, or pay off a mortgage, help ensure a college fund or safeguard a retirement fund.

3. I’m not sure what I need.  There are different life insurance coverage options you can choose from. For example, a term life insurance is designed to last for a specific period of time and permanent plans are designed to last a lifetime. The benefits you get may differ regarding your needs and your current situation (age, health, family status, occupancy and etc.) Our agent can recommend one coverage that works with your life and budget.

4. 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.

5. I have a health condition. Life insurance is not just for really healthy people. 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. However, you may need to contact an experienced agent to provide you with the best solutions.

These are just a few main reasons people are wrong about refusing to get life insurance. The most important thing is that you need to know your situation before deciding not to get covered. However,  we believe this decision is not applicable if you know the real benefits of having a life insurance policy.


Life Insurance Policy Benefits


A life insurance policy can be beneficial for a number of reasons. The biggest reason is that the death benefit, what your beneficiaries receive when you die, is completely tax-deferred. That means all of the money will be in their hands and not in the hands of the government. Other benefits include:

1. Financial security and comfort for your family in the event of your untimely death

2. Protection for a dual-income household

3. Covering final expenses, like funeral costs and credit card debt

4. Paying off a mortgage

5. Covering college tuition for current or future children.

6. Stability and continuity for your business

7. Providing continued support for a disabled or ageing family member

8. If you buy a permanent life insurance policy, you’ll have the added benefit of an accessible cash value account that grows over time tax-free, providing you with a potential “living benefit” along with your death benefit.

Now when the biggest myths are debunked, we hope you might want to consider getting a life insurance coverage. If you already have one, remember, there is always a possibility to make small adjustments. Feel free to contact our agency!

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