6 excuses people use to avoid buying life insurance

The majority of Americans who don’t have life insurance know they should, but have a variety of excuses for either not pulling the trigger or justifying their decision to pass on it.

Life insurance is something most people are uncomfortable talking about, but it’s far too important to put off. With September being Life Insurance Awareness Month, Erie Insurance compiled the following list of the most common reasons people delay buying life insurance and perspective on why they could be making a big mistake.

Life insurance agents run into these objections all the time, but helping potential clients understand the facts may turn procrastinators into buyers.

  • “It’s too expensive.” Cost is the No. 1 reason people don’t have life insurance. A study from Life Happens and LIMRA shows that consumers tend to overestimate the price of life insurance. For instance, when asked how much a $250,000 term life insurance policy would be for a healthy 30-year-old, the median estimate was $500 annually—more than three times the actual cost. Life insurance is probably more affordable than you think—and there are lots of ways to bring the price into your comfort zone.
  • “I have a health condition.” The good news is that 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.
  • “I don’t have any kids.” There are many reasons people with no children still need life insurance. Just a few include providing for a financially dependent spouse or another family member, having the money to pay for a funeral or being able to pay off a loan that has a cosigner. Life insurance can also help you leave a gift to a religious, educational or charitable organization near and dear to your heart.
  • “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.
  • “I’m not sure what I need.” Most people don’t—but your insurance agent is there to help you determine what kind of policy is right for your specific situation and within your budget. You can also get an idea of how much life insurance you need by using a life insurance needs calculator.
  • “I don’t have the time.” Life is busy, but life insurance companies have made great strides in simplifying the application process and dramatically shortening the timeline for getting covered. There are often no doctor’s visits or complicated forms—just simple online applications with only a few medical questions.

An insurance agent can make the conversation about protecting the people that matter most as easy as possible. When it comes to life insurance, the only wrong choice is doing nothing at all.

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