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1. It's sold by insurance agents: Let's be honest, most people that sell insurance aren't looked at much better than a car salesman or attorney. Actually, insurance is not about being "bought or sold", it was meant to be about people working together as a "team" to "manage risk". Because that's what insurance is... transference of risk. Nobody likes to be "sold" to, but peace of mind, well that's different.
2.
It's a Morbid and Boring Topic and I Just Don't Have Time to Think About It: You're right. It is morbid and boring and nobody
really has time to think about something so far in the future and you are
certainly not alone.
STAT:
3 in 10 people have 0 life insurance while ½ of these are underinsured. So if
that's you, obviously, you're not alone.
Some
people say that the very thought of starting the life insurance buying process
makes them feel stressed-out. But, those that do act upon their life insurance
needs tend to focus on the positive aspects like meeting their financial
responsibilities to provide for their loved ones. They recognize that life
insurance is not for them but for their family.
3.
Too Many Options: Yes, there's a
policy out there for every person. You bet the carriers have made certain of
that! There's 10, 20 and 30 year term insurance and permanent insurance; there
are indexed products and variable products, whole life, universal life, long
term care insurance, disability insurance. There are a large number of riders
one can get, for children, return of premium, no lapse, 20 pay, living benefits,
there's level, graded and modified, accidental death, flexible premiums,
guaranteed premiums, critical illness riders, so on and so on...
Here's
some BASICs:
Term: Provide protection for a certain period of time
(a term). If you die during the coverage period, your beneficiary receives the
policy amount. If you live to end of the term, the policy simply terminates
unless you opt for conversion to a permanent policy.
Permanent: Offers protection for your entire life,
regardless of future health changes, provided you pay the premium to keep the
policy in force.
4.
Too Complicated: Yes, life
insurance is complicated. That's why you talk with an insurance professional.
First
you need to know how much insurance you should have, or perhaps it's about what
you can afford. Maybe your income will rise so you could get a smallish term
policy that costs less now and then later convert into a permanent product.
5.
Takes too long to underwrite: Yes,
fully underwritten products can take quite awhile. I've had cases take up to 9
weeks. If you're pulling an APS (attending physicians statement) from your
doctor and the request gets stuck under a bunch of paperwork, I would advise
you to contact your doctor.
On
the other hand, there are companies that offer products that don't need to be
underwritten. This is called simplified issue. That's right, no stabbing,
jabbing or peeing in a cup. We do the application, get you qualified right away
over the phone, send it in and 3-5 days later, you get your policy in the mail.
6.
Costs too much: It's hard to put a
dollar amount on peace of mind but there are products that can cost as little
as $25 a month. For instance, I have a $50,000 -20 year term policy that was
simplified issue (I don't like needles) and it costs me just over $26 monthly.
Buying
life insurance you can't afford benefits no one. If it causes your family
hardship or requires you to make choices that seem ridiculous, like sorry kids,
we can't take a vacation this year because we have to pay our insurance
premiums,,, everyone loses. That's why it's important to get life insurance
that meets all your needs - including your budget.
Always
remember when you are considering purchasing life insurance that the younger
you are and the healthier you are, the less costly it will be.
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