Written by Bill Ware
Fact # 1 - People without life insurance believe it is more expensive than it actually is.
Life Insurance, both Term and Whole Life is probably cost less than your Cable or Cell Phone bills. Some insurance is probably cheaper that what you spend on coffee at Starbucks. Most perceptions are that this is just another bill that you don't need. Well if planned correctly this may be something that is completely affordable and that makes perfectly good sense. Some term policies can be purchased for less than $1 a day, take a second and run a Term Life Insurance Quote. I just might be pleasantly surprised. Now if you want life long coverage, then look for a Whole Life Policy. Life Insurance is very affordable, so whatever your needs are, there is a policy for you.
Fact # 2-A lot of people aren’t buying life insurance because they believe that there's no value in it.
There is a truth, it's the same for everyone, we aren't going to live forever. If your loved ones depend upon your income for their wellbeing, then you need to think about the possibility of your dying prematurely. Your family's expenses won't stop because you aren't here any longer. The mortgage, your kids education, your debts, your partner's and your shared expenses are concerns that can be covered by Life Insurance. This is one of the most considerate and selfless acts that you can do. This will also bring peace of mind to them, and let you know that they will have somewhere to turn if that moment of need should occur.
Fact #3 – A large percentage of people haven’t bought Life Insurance because they don't really understand what their Life Insurance needs are.
Consider your needs and consult with a professional, do some research.
It’s the million dollar question – how much life insurance do you need? what kind do you need
Unfortunately, there is no short answer to the question. However, the more the family depends on your income , the more you need Life Insurance. Don't think of yourself in figuring this out, think of your loved ones, what will they need. You buy insurance to protect your car, your personal items in your home, even your cell phone. These are tangible things that you can see. If you have had experience with Life Insurance before, it does serve a purpose. My job is to tell you about Life Insurance, I would hate to have to tell your family that you didn't have any.
Fact #4: People believe that because they have Life Insurance at work, then that is enough.
Yes your employer may offer some Life Insurance to you at work, they see the value in it. There has been many a widow or widower who has come to employers in the past because their significant other didn't have coverage, after the fact. So business owners hear this story a lot, they may have even experienced it in their own personal situations. This is something that is needed. Usually the case is that it isn't sufficient and with a little more effort you can get what is needed. Spend what you can afford, because your family can't afford for you not to have it. Speak with your family, friends and ask questions of the experience of others. It may save some grief later on.
Fact #5: Your Life Insurance needs will change.
If you are one of the people out there that have Life Insurance, when was the last time you looked at it. In 1987, the cost of a new car was on average about $10, 355, in 2017 the average cost of a new car is a little of $33, 000. So if you purchase life Insurance 20 years ago, you may want to take a look at your coverage and see if it still fits your needs. We call it a Life Insurance Check Up, and it shou