Top Reasons Why People Do Not Have Life Insurance

According to LIMRA, only 59% of Americans have life insurance, which means many of our friends and family members are living without life insurance coverage. Below are the 3 main reasons why 41% of people do not have life insurance.

1. Cost - This is the biggest misconception about life insurance. Studies show that 8 out of 10 Americans overestimate the costs of life insurance. Life insurance is less expensive when you are young & healthy. A $50,000 policy for a healthy 25-year-old female, for 30 years is about $20 per month. However, the same $50,000 policy for a 65-year-old female with health issues can be triple the cost.

2. Unpleasantness - Truth is, no one likes talking about death or thinking about dying, so I understand why life insurance is not a big topic at the dinner table. However, we all know that death is inevitable. However, planning and preparation is key. A life insurance policy helps keep your family protected and provided for even when you are not there.

3. Too Complicated - I can certainly understand why some people think that life insurance is just too complexed to even bother. There are so many different types of life insurance products and entities that it can be overwhelming to some. Nevertheless, life insurance is not actually as complicated as you may think. There are two basic types of life insurance, whole life & term life. All life insurance products fall under these two categories. You should choose a life insurance agent with experience and expertise to help you decided which life options is best for you and your family based on your needs.

As a life insurance broker, I speak with people daily who have similar reservations about life insurance. I enjoy the opportunity to help them understand the many misconceptions of life insurance & to choose the right option for them and their families.

In conclusion, most misinterpretations of life insurance can be addressed and cleared easily just by talking to an agent. I believe that most people know that they need life insurance, they just allow these misbeliefs to deter them from getting policies. At The Sheek Life Agency, we understand the “scary part” when it comes to life insurance. That is why our agents are extremely acute and family focused. We believe that everyone should have adequate life insurance coverage and are determined to help as many families and individuals as possible to join the 59% of Americans with life insurance coverage. Schedule a life insurance consultation today.

Reference: Sarmah-Hightower, S. (2020). How to make sure you have enough life insurance. Retrieved 2020 November 8 from https://www.insure.com/life-insurance/life-insurance-underinsured.html

"I know life insurance is not a popular subject, but nonetheless, you have loved ones who depend on you financially. You cannot let your fear of life insurance leave your family grieving and impoverished".