Topics for Discussion

“Bad” Reasons People Don’t Buy Life Insurance

Kris Sollenberger, Life Insurance Pro, Scottsdale

13 Sept 2017

We all come up with excuses for reasons why we can’t do something!  Heck, my wife always asks me if I’ll go hiking with her, and I’ve got so many excuses on why I can’t, I sometimes forget which excuse I used earlier that day.  Look, life insurance is going to cost a little bit of money.  How much depends on a ton of factors.  However, you are doing your family a disservice if you don’t at least look into it before making any final judgements.  I came across a great article from nerdwallet.com. I’ll paraphrase here for Y’all.

  1. Cost- this is a very valid argument here.  If you can’t afford something then you can’t afford it, plain and simple.  52% of people say they would rather pay for internet, cable, and cell phones.  Sometimes we need to adjust our priorities.
  2. Misconceptions- I’ve talked about this a lot.  People misjudge the price of insurance.  Here’s a study nerdwallet.com did…..  When asked how much a $250,000 life insurance plan for a 30-year old would cost, people under the age of 25 said $1,000 a year and older adults said $400.  The real cost is about $150.  That’s less than 50 cents a day to all you young parents out there.
  3. Other Financial Priorities- 67% of consumers listed savings for retirement as a top financial concern.  What most people don’t realize, and what you have learned reading some of my blogs……. Buy a life insurance plan is a great way to plan for retirement.
  4. Attention elsewhere- Almost a third of people who don’t have life insurance say they don’t have it for the simple reason they haven’t gotten around to it yet.  Well, just give us a call and I will show you just how simple we can make this for you.  Yes, it takes some personal questions and a little medical history.  However, think of how much more you will enjoy your free time knowing your family is safe.
  5. Complexity- Yes, this stuff can get pretty complicated.  However, that’s why we have specialist.  We go into a doctor to have them tell us what’s wrong with us, right.  Why?  Because we don’t have a clue about anything except for what disease webmd.com has us freaking out about.  Do the same for your life insurance.  Call us, we’re experts and will get you the best custom policy for YOU.
  6. Lack of Trust- 38% of the people in this study just don’t trust insurance companies.  I hear that!  We are all held to a certain standard.  If you feel you are mistreated, there are laws and steps on the books you can take for justice.
  7. Unpleasantness- Hey, I get it…..it’s a tough subject.  I mean, who wants to talk about their death?  Honestly, think about it just one time, do the work, make the payments, and you won’t have to worry about your death again.  If the horrible were to happen, your family would be safe and secure!

It’s easy to come up with reasons for not buying life insurance.  However, just make sure they are really good reasons.  Some small discomforts today could save your family from catastrophic later.   Cheers,

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