“Let’s talk about your passing.” That’s a tremendous conversation breaker.
Consider how awkward it would be to tell this to someone. Yet, as insurance agents, this is exactly what we must do to assist people in protecting the futures of their loved ones with life insurance.
To be honest, it’s called life insurance, but it’s really death insurance. Isn’t that a really catchy product name? To make matters even more difficult, the buyer is aware that he or she would not personally benefit from it… Who wants to spend money on items they won’t be able to enjoy?
Finally, the appeal and value of life insurance is that you genuinely care about your spouse/partner/children and would never want them to suffer as a result of something you did or did not do. Despite our love for family, according to a recent bankrate.com survey, 42 percent of Americans lack life insurance, and over half of those who do have it are only protected for $100,000 or less.
Most of us live on a tight budget, but we still find ways to have some fun. Fitting life insurance into your budget may necessitate some little compromises, but it’s well worth it. Are you ready to forego going out to dinner a few times a year or making your daily cup of coffee at home instead of buying it in order to have peace of mind knowing that those you care about have a financial safety net in the case of an unexpected tragedy?
Perhaps it is our innate aversion to thinking about our mortality, along with different myths regarding life insurance, that leads to delay and avoidance of this topic. If you’ve been putting off addressing your life insurance needs, we’d want to encourage you to do so by dispelling some life insurance myths.
- Life insurance is a cost. The cost of life insurance is frequently cited as a justification for not acquiring it; nevertheless, 80 percent of persons who cite this reason overestimate the cost. There are numerous policies available to meet various needs, and term insurance policies are quite reasonable. A $200,000 20-year term policy for a 35-year-old healthy nonsmoker costs roughly $150 per year.
- You don’t qualify because you have health difficulties. While being in good health makes life insurance more affordable, having a health condition does not automatically render you uninsurable. There are firms that create policies for a variety of medical disorders provided they are under control; however, they are more expensive and frequently have lesser limits.
- Your employer’s life insurance is sufficient. Even if you get this benefit at work, it may not be sufficient to meet your needs. If you quit your employment, you may lose your life insurance, and if your health deteriorates, you may be unable to acquire a policy at a later period. Even with a conversion option, purchasing your own coverage today may be more cost effective.
- You’re young and don’t need to worry about life insurance just yet. Annual premiums are less expensive while you are young. While you may have to pay a higher premium for a longer period of time, the lower premium will be easier to accommodate into your budget as you get older. Furthermore, the longer you wait, the more likely it is that a health concern may occur, making coverage more expensive or difficult to obtain.
- You are single and have no dependents, so you do not require life insurance. Even if you’re single, you’re likely to have debts that will burden your family or executor. Also, just because you’re single now doesn’t imply you’ll be for the rest of your life. Purchasing life insurance today may be less expensive than waiting.
If you’ve never discussed life insurance with an insurance professional, you owe it to yourself and your loved ones to do so. Make no assumptions about affordability or possibilities…. Don’t put it off until it’s too late. Please contact us at BroadZero so that we can provide you with the information you require to make an informed decision about your Life Insurance in Philadelphia.