As individuals we tend to put off doing important things on a regular basis. Whether it be making an important phone call or finishing that book you’ve been reading for ages, we’re all guilty of procrastinating. You also probably know the importance of Life insurance, you understand its importance of protecting your family in case the worse happens.
There are reasons why people put off buying life insurance and why you should totally reconsider:
- People tend to comment on how expensive life cover is We have this tendency to be concerned about costs, after all it’s important to be within your monthly budget. Every month we have bills to pay, the car, the house, even ‘cheap’ online video subscriptions add more and more to your expenses. It’s too bad people worry about cost of life insurance as in general most people overestimate the cost. Especially Millennials, according to Insurance Barometer Study by LIMRA. They have found that 4 in 10 think it costs 5x the actual amount.
- You don’t have any kids who would benefit from your policy payout. You might have a partner or spouse who depends on your earnings to help pay for living expenses. Or in a more specific case you might have a sick relative who would need to hire a caretaker if you’re no longer around. Consider these scenarios and you begin to realise how life insurance can benefit your loved ones.
- Being young and in a healthy state. You put in your time at the gym / sports club each week. Buy the healthy alternative when picking up groceries at the supermarket and may even have quit or never smoked a day in your life. You are a champ and should absolutely carry on like that but the hard truth is that no one knows what tomorrow may bring. Even when we do our best to live a healthy life, the unexpected can happen, just like in the story of James and his family. If anyone depends on you to make ends meet, you’ll want to consider life insurance. As a benefit, young and healthy people usually get much better rates — and can often lock in coverage in case their health takes a turn for the worse later in life.
- Some may be on the other end of the sea-saw. Your health might not be great, so why should you even bother? Don’t assume you can’t get cover just because your health isn’t optimal. People lead testing lives and may have to put up with diabetes or high blood pressure for example. One thing you can do to help keep the condition under control is to seek guidance from a physician for adequate help.
- What if you don’t work outside the house? Not being the sole bread-winner doesn’t mean you don’t require some sort of indemnity. You may be caring for young children or ageing parents. That indispensable service would be too expensive to replace. Life insurance helps ensure the ones you leave behind get the looking after they need.
- Maybe you don’t know how to go about it. What kind of cover do you need, or how much? People generally struggle with acquiring something new where many options and plans are given, after all we want what’s best for us. There is no need to panic! As your business consultant, I’m here to help you identify coverage that works for your life and budget. Get in touch with me Anthony Paul to find out more.
- What if your current job provides cover? There are many employers that provide coverage. While that is a great perk to have, this amount can vary from employer to employer. One thing to consider is the uncertainty that comes with life. What if you have to change jobs or if your workplace benefits change? A change in your health can mean your coverage terms modify. In some cases it can even lead to discontinued coverage. Be sure to have a policy that works for you regardless of the circumstances.
- Leaving an inheritance to your loved ones can seem convoluted and tortuous. Even if you don’t have any other assets to pass to your heirs, you can create an inheritance by buying a life insurance policy and naming them as beneficiaries. This is a great way to set your kids up for a solid financial future and provide any monetary needs that may arise.
- The many uncertainties of what the future may hold. As difficult as it may be to predict what lies ahead of us, one thing is certain; Gaining additional financial security is never too much. Like most parents you probably want to know your kids will be well taken care of when you’re gone. You want them to get a quality education, ensure their wedding costs are covered and even help them start their own business. For these reasons, additional coverage is absolutely essential while your kids are still at home.
- Lastly it’s not a reason why people don’t buy life insurance but more of a true testament to why they absolutely should; To bring peace of mind. We can’t know when we’ll pass away. It could be tomorrow, or 50 years from now, but it will happen eventually. No amount of money could ever replace a person. More than anything, life insurance can help provide protection for the uncertainties in life. Without a doubt, having life insurance cover will bring you and your family peace of mind. It’s one thing you’ll know is no longer having to question whether they’ll be taken care of when you’re gone. Life insurance protects your heir from the unknown and helps them through an otherwise difficult time of loss.
Find the best value life insurance policy for you
For a review and quote get in touch with me Anthony Paul, your business consultant.