Life Insurance Envy: The Symptoms And The Cure

UPDATED: Mar 26, 2020

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Yes, Life Insurance Envy is a thing. And it can strike at any time.

I expect that with four in ten adults having no life insurance whatsoever1, it might be more common than we realize.

Would you recognize the signs? Could you be afflicted and not even know it?

Do you…

  • Find yourself with diminished self-confidence about your ability to take care of your family’s future needs?
  • Lie awake at night worrying because you haven’t put a plan in place in the event the unthinkable happens to you?
  • Resent and avoid friends who have life insurance policies or otherwise have it all together financially?
  • Avoid talking about the future because you’re afraid of the unknown?

If you’ve answered, “yes” to any or all of these, don’t lose hope. You can overcome life insurance envy and again take control.

How to Overcome Life Insurance Envy

One step to get on the road to recovery is to get an affordable term life insurance policy.

One-third of people haven’t bought life insurance because they’re unsure of how much or what type to buy2. If that sounds like you and your immediate financial situation doesn’t leave you with a lot of extra cash, you’ll be pleased to learn term life is the most cost-effective type of life insurance you can buy.

You can choose the amount of death benefit you want based on what your family would need if they no longer had your income to help make ends meet. And you can choose the length (the term) of your policy to meet your family’s needs. For example, you can apply for a term that will cover you through the remaining years of your mortgage loan payments or until your children will have finished college.

Typical terms are 10, 15, 20, 25, and 30 years. But you can apply for a policy with a term of five years—or even one year if you like. The shorter the term, the lower the premium that you pay. But keep in mind that when a term ends, your premium increases if you decide to renew for a new term. In other words, you’re probably better off going for a longer term right from the start if your family’s financial needs extend into the future.

Another plus about term life: many policies can be converted to permanent policies such as universal or whole life for a period of time. So if at some point you can afford to pay a higher premium, you can opt to change your term policy to a permanent one.

Applying For a Term Life Insurance Policy is Easy

You can quickly get a term life quote online, the application you need to complete is uncomplicated, and, generally, a medical professional will come directly to your home to administer the required paramedical exam (which includes the basic stuff: height, weight, blood pressure, blood work, and urine analysis).

While it’s no big deal to look into and obtain a term life policy, having peace of mind means a great deal.

Why suffer from life insurance envy when it’s so very easy to cure?

Disclaimer: Life insurance envy is not a real disorder (as far I as know, anyway). But uncertainty about your loved ones’ financial security if you don’t have life insurance could cause genuine distress. Have you got a plan for your family’s future? 

1LIMRA and LIFE Foundation 2012 Insurance Barometer Study

2Personal Trends in U.S. Life Insurance Ownership, LIMRA, 2011

Tim Bain

Tim is a licensed life insurance agent with 23 years of experience helping people protect their families and businesses with term life insurance. He writes and creates stuff for QuickQuote and other insurance and financial websites. You can find him on Twitter.

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