Waiting till it's too late?
WE CAN HELP
By Thomas P. Smith, Jr., Executive Vice President of Agencies and Marketing
In the January column, I wrote about the alarming statistic which tells us that about 50% of the households in the U.S. and Canada have no individually owned life insurance. If you recall, we talked about group life insurance and the tendency to get very comfortable that you are “covered” if you have this benefit at work.
But that certainly doesn’t comprise the entire 50% block of people. What else could cause a person to carry no coverage?
The statistics for why people have not availed themselves of life insurance coverage are pretty clear, and they really don’t change from survey to survey. First, let’s look at the survey results (provided by the Life Insurance Marketing Research Association).
Why people don’t buy life insurance:
74% list “can’t afford the coverage” as a major reason they don’t buy.
52% say a major reason is that they “can’t decide what to buy.”
50% agree it is a good idea but “put it off until tomorrow.”
43% worry about “making the wrong decision.”
Let’s examine each of these reasons. First, the vast majority lists a major reason as lack of affordability in the coverage, yet coverage is only offered if it meets your budget. It is in no one’s best interest to offer you a product that you cannot afford. A good agent (like ours) goes through a process with you of determining what the affordable monthly cost is. For the record, a healthy non-smoking 40-year-old male can get $500,000 of term coverage with the Order for just about $1.50 a day.
If a client can’t decide what to buy, the agent will help him decide, and a lot has to do with identifying goals and objectives as well as a budget. We offer term insurance, permanent insurance or a mix of both. We believe a combination of these products can solve all personal protection issues.
Putting the purchase of life insurance off can be costly, and we would recommend against that. You get older and premiums go up, and you run the very real risk that your health can change. A negative change in your health can cause your costs to increase, or cause you to be denied coverage all together. Delay can be disaster.
For those who worry about “making the wrong decision?” Well, we can help. You have to trust us. Our professionally trained agents work with hundreds of families just like yours. They know what to look for and what to recommend. A conversation with a K of C agent can help erase your doubt.
Posted via LiveJournal.app.