Excuses for Not Getting Life Insurance

While life insurance should be a part of anyone’s financial plan, we continue to hear some of the same excuses as to why some believe they don’t need it. Do any of these sound familiar?

“I’m young. I’m healthy. I don’t need life insurance.”

Actually, when you are young and healthy is the best time to get life insurance. Life insurance rates are largely based on age and physical health of the insured. Being young and healthy is a good reason to get life insurance.

“I’m young and single. I don’t need life insurance.”

Being young and single doesn’t mean you are debt-free or won’t have final expenses. Even an inexpensive funeral can cost into the thousands of dollars, and believe it or not, dying doesn’t resolve your credit card or student loan debt. Now if you are young, single, have absolutely no debt and have pre-paid your final expenses, you may have a more valid reason not to purchase it. But even then, having life insurance will assure you have coverage should you not qualify later when you do get married or have a family.

“I’m going to be dead anyway!” (or the variation; “I’m not going to be here, what do I care?”)

This always makes our agents cringe just a bit. Unless you are a truly rare breed, odds are you will be leaving people who care about you behind. These are people who will want to pay their respects, whether you care or not. Odds are you may have credit card or student loan debt or a mortgage or car loan. You may not be here but that train wreck of expenses, potentially including costly medical and funeral expenses may be left behind. Yes, we know the expression is “humorous” on some level but it is truly not practical or very caring. You don’t need to leave loved ones with a huge windfall upon your death, but you certainly don’t want to put them on the spot either.

“Life insurance is too expensive.”

Life insurance can be purchased in two broad forms, term insurance or whole life insurance. Term insurance covers the life of an insured for a specific period and actually can be quite inexpensive, especially when purchased when you are young and healthy.

Life insurance can give you peace of mind, protect your family, ensure college educations, pay for final expenses, resolve remaining debt and can even build cash value over time. To see how it can serve you, contact us to discuss your situation, your goals, and affordable options.