Believe it or not, the basic idea of life insurance can be traced as far back as Roman times. They understood they may not be around to look after their loved ones for as long as they would like, however they could at least guarantee them financial security. So why is it now we still have a large amount of people who do not take out policies to safe guard the ones they love?
There are numerous reasons why people say they don’t have life insurance, and if you continue reading you will find out the most common excuses and reasons why.
It’s another outgoing I can’t afford
Budgets are tight with many of us, especially those that are after coming out of a recession. This is one of the most common reasons for avoiding life insurance. But your loved ones will still be in need of support in your absence, no matter what. Life insurance can be flexible and isn’t always as expensive as most people believe, and after all you are investing in your loved ones future. Some types of cover will not cost any more than flashy mobile phone contracts.
I don’t think I need it
Even if you are single with no one depending on you for financial support, you must bear in mind your funeral costs that will be passed onto a close relative. The cost of a funeral is much higher than most people believe, the average price actually being in the thousands. Should the worst happen, this can be quite a bit of money for someone to find suddenly. Also the sooner you start life insurance, the cheaper your policy will be. Remember, even if you’re single now you may have a family in the future. Then you will have to pay a higher premium when you have decided you really need it.
It won’t actually help me
It is true that with standard policies you will not see any returns in your lifetime. However many companies will offer combined savings policies, this can provide useful payouts for enjoying later in life. We cannot see into the future but at least we can prepare for it, with life insurance you will not have to worry about how your family would manage financially without you.
I’m already covered by my employer
You may already have cover through your workplace, but are they going to provide your loved ones with as much financial support as they deserve? What if you leave your current employment and your cover is left behind, this will mean you will have the hassle of having to make other arrangements and at greater costs.
But I’m not the breadwinner
Even if are not currently working you are still contributing to your family in many other ways. Just think, if your partner had to look after your children alone then costs for childcare would just be for starters. Ideally both parents in a family should have cover in order to be fully protected.
I will sort it out later
Unless you can see into your future and plan for what is coming, you cannot guarantee you will arrange this in good time. Remember, the younger you are when you start a policy the less it will cost you.
I’m not sure where to buy it
Get in touch with a financial adviser; they will have a broad understanding of what life insurance policies are currently available. By seeking expert advice you can easily find the best policy for your requirements and budget.