Why do so many people procrastinate when it comes to securing life insurance?
The majority of adults understand how important it is to have life insurance. Despite this, many put off securing coverage for as long as possible. There are many excuses that people use to procrastinate. Here are some of the most common reasons why people avoid getting life insurance.
- The Number of Options is Overwhelming
When it comes to life insurance, the market is saturated with so many options that it can be intimidating to jump in and make a decision. When faced with all their life insurance policy options, many people start to feel overwhelmed and simply put off the process of researching and securing coverage. While it’s true that there is a wide variety of life insurance options to choose from, it’s important to remember that having a lot of options is actually a good thing. The more options out there, the better your chances of finding a policy that meets your needs and your budget. Narrowing down your policy options is also pretty easy. Working with an experienced life insurance provider will help you understand your various policy options and help you make an informed coverage decision.
- They are Currently Young and Healthy
Many people put off securing life insurance because they simply don’t think that they need it. This mindset is most common amongst people who are young and healthy. However, it’s no secret that life is unpredictable. While it may be morbid to think about, death could be lurking around every corner. Rather than taking risks associated with waiting, it’s best to protect your loved ones and their financial future by securing a life insurance policy as soon as possible. As an added bonus, people who secure life insurance when they are young and in good health have access to the cheapest rates. So, being proactive and securing this coverage now will help you save on your life insurance in the long run.
- They Have Life Insurance Through Work
Many people do not bother securing a personal life insurance policy because they already have death benefits through work. While taking advantage of this work benefit is a great idea; it’s important to understand that employer-offered life insurance coverage is usually not adequate. There are two main reasons for this. First, if you change jobs, retire, or get fired, then you do not get to keep your life insurance. This can leave your loved ones vulnerable until you are able to secure a brand-new policy. Second, employer-offered life insurance offers limited death benefits. Typically, employers only offer their employees life insurance payouts of 1 to 2 times their salary. Relying on this coverage alone will not do much to help your family pay for your final costs, outstanding debts, ongoing financial obligations, or everyday expenses. To ensure that your family has the coverage that they need, you must supplement your employer-offered life insurance with a personal policy of your own.
These are some of the most common reasons why people put off getting life insurance. Ready to stop procrastinating and get the coverage that you need? Then contact the experts at Udell Family Insurance. We are ready to assist you with all your life insurance needs today.