The time for excuses has passed!
According to the 2015 Insurance Barometer Study by Life Happens and LIMRA, over 100 million adult Americans don’t have the protection of life insurance. And one in four people say they wish their spouse or partner would purchase some or more life insurance.
If you’re one of the many without life insurance (or without enough of it), you may be avoiding looking into it because you think it’s too expensive and/or too complicated.
If so, read onward because it’s time to bust those myths!
Myth #1: Term Life Insurance is Expensive
While whole life policies may be cost prohibitive for some people, term life is probably much more affordable than you might think. Term life insurance policies offer coverage for a specific period of time (a “term”), typically 10, 15, 20, 25, or 30 years. You have the flexibility to choose the term and the amount of coverage that’s right for you and your loved ones. The shorter the term, the lower the premium—and your premium payment amount is locked in for the entire term so you can easily factor it into your budget.
As with any type of life insurance, applying for a policy when you’re younger and in good health will result in a more favorable rating and lower cost premium from insurance companies. But realize that even a less than preferred rating can be quite affordable, so don’t automatically dismiss term life as unattainable if you’re older or have health issues.
Myth #2: Term Life Insurance is too Complicated
Term life insurance is a no bells and whistles option that is straightforward and simple to understand. Of course, as with any other type of life insurance, you have to do a little research into how much coverage you’ll need to protect your family. You’ll also need to determine how long of a term you’ll need.
Fortunately, there are easy-to-use online tools available to help you figure it out. For example, our Life Insurance Needs Calculator conveniently calculates an estimate of:
- How much money your family would need to meet immediate obligations if the unthinkable would happen to you.
- How much income your family would need in the future to sustain the household and lifestyle.
Getting pricing estimates for term life insurance premiums is also simple, hassle-free, and fast. After you’ve assessed your life insurance needs, you can conveniently get a free, no obligation quote online.
Sadly, the unexpected can happen—and too often does—to people who haven’t taken measures to protect their families’ financial well-being. With term life insurance offering affordability and simplicity, you might find that giving yourself and your loved ones peace of mind can be far more cost effective and convenient than you imagined.