If you’ve thought about buying life insurance, it’s time to stop putting it off. There was probably a very good reason you were thinking about buying a policy in the first place. Life insurance never goes on sale, and the cost only increases with age. If you’ve ever thought of any of the following excuses in your mind, it might be a sign that you should reconsider.
1) “It’s just too expensive.”
Define too expensive. Yes, maybe $500/mo. might not be feasible on your budget — but instead of making that excuse, find a way to decrease the monthly premium. You can usually decrease premiums by decreasing the death benefit or shortening the term of your policy — either way still provides a much needed benefit to your family when you die, which is the most important thing.
2) “I need to shop around.”
This is a valid excuse if you’re dealing with a one trick pony agent – one that only offers policies from one life insurance company. However, when it comes to dealing with a broker or a website that compares hundreds of insurance companies, you have to trust them – unless you have the time to call every insurance company in your state and do the shopping yourself.
3) “I have to check my budget.”
Stop the games – you know how much you can afford. More importantly, can your family NOT afford to have life insurance at this stage in your life?
4) “My bank offers life insurance.”
Not really. If they do, it’s usually accidental death and dismemberment policies – cheap insurance that ONLY pays if you die as a result of an immediate accident. These policies very rarely pay, and if you truly want an accidental death policy, you can often get a more comprehensive plan through a brokerage where you will get a full return of premium if you don’t die in a certain amount of years.
5) “I need to do my research.”
What sort of research? Any reputable life insurance company will have an A- or above financial rating. If you don’t trust the “ratings” system, at least you can take comfort knowing that all major insurance companies are backed by re-insurance companies. Meaning if your company goes belly up, a re-insurer steps in to make sure your policy stays in force. As an added measure of protection, Envida offers an industry first – a Peace of Mind Guarantee. If your insurance company fails to pay your claim, we will. Let’s face it, with those guarantees, there isn’t really that much research to do after all.
Sure, life insurance isn’t a cool new toy that we buy and show off to all our friends. But it’s probably much more valuable if you put it into perspective. Stop making excuses, and do what you know is right for your family. Don’t make them pay the price financially just because you put the life insurance shopping on the back burner.