There are many reasons why people decline life insurance. Some seem valid while others shouldn’t factor into your decision. A common answer for not having life insurance, especially as a young adult, is that you simply cannot afford the monthly premiums.
Instead of asking yourself if you can afford life insurance right now, ask yourself if you and your family can afford not to have life insurance?
Consider the purpose behind your coverage. Although it’s not a policy that you hope your family will use as it is the result of your unexpected death. Rather, it is a policy that you want to be available just in case. Your life insurance is there to support your family is you suddenly passed away.
That is why it’s important to look at life insurance not as a burdened expense, but as help when life gets turned upside down. Let’s take a look at why you should have life insurance, and why you can’t afford not to have it.
The Loss of Your Income
Ask yourself this – could your family afford to live without your income? Would they fall behind in monthly payments and drown in any debt you left behind? If you believe your loved ones would struggle to make ends meet, you cannot afford not to have life insurance.
Your policy is there to protect your family is you suddenly passed away. This becomes especially important if you are the primary income and if there is any debt within the family. You wouldn’t’ want to leave your family behind with nothing but bills and expenses that could put them farther into debt.
It Won’t Be Any Cheaper
The thing with life insurance is that it will only get more expensive the longer you wait. Many factors influence your monthly premiums, including your age, health, and lifestyle. If you are young, healthy, and take good care of yourself, your premiums will be fairly reasonable. However, if you wait until your older, and if your health starts to decline, your premiums will only go up.
The insurance company bases their rates off the chance they have to pay out your policy. If you are a higher risk to the company, your premiums will reflect that and be more expensive. So, you if you think you cannot afford life insurance right now, it will only become more expensive.
You Can Shop Around
Just like a life insurance policy isn’t the same for everyone, so too are the rates. One insurance company may have cheaper rates than a different one. That is why you want to shop around between multiple companies and request different quotes. What you get from one insurer may not be what you get from another.
If Time Is a Factor…
For some, they simply do not have the time to go through all the questions and medical exams to get approved for life insurance. If that is the case, there is the option of no-exam life insurance. The insurer approves or declines your insurance based off of a set of questions regarding your self and lifestyle. It’s quick and simple to get coverage. You can request your no exam quotes from Simply Insurance today to see if your potential premiums adhere to your current budget.