Why people put off getting life insurance.

While most people agree that life insurance is an essential coverage, many put off securing this type of insurance as long as possible.  Here are some of the most common excuses that people make for putting off life insurance and why procrastinating isn’t worth it.

  • They are 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 the 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 Pre-Existing Conditions

Many people do not look into life insurance because they have pre-existing conditions and assume that their coverage will be too expensive.  While pre-existing conditions do affect your rates, having a medical problem does not necessarily mean that life insurance is unaffordable.  When calculating rates for a person with a pre-existing condition, life insurance providers look at how the individual treats their condition.  If you are taking steps to manage your health issues, such as living a healthy lifestyle and taking preventative measures, then your insurer will factor this into your premiums.  The better you take care of yourself, the lower your rates will be.  So, don’t automatically assume that having a pre-existing condition makes life insurance impossible for you.

  • 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 only 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 common reasons why people procrastinate on their life insurance.  Do you need help securing life insurance coverage?  If so, then contact the experts at Scautub Agency in Scotia, New York.  Our dedicated team is eager to assist you with all your life insurance needs today.