Insurance Myths
Here's a great piece I came across re buying life insurance. Sound familiar?
11 Most Nonsensical Reasons for Not Having Life Insurance
By Jonathan Pond
11) “I can’t afford the premium on the amount of coverage I need.”
Pond: There’s no doubt the economy is putting a strain on all of us these days, but you’d be surprised how little a term policy costs. A 20-year, $500,000 policy may cost about a dollar a day. Surely you’d agree your family is worth such a small sacrifice.
10) “I’m single. I don’t need any life insurance.”
Pond: OK, but there are many other situations that require life insurance. Do you own a small business, and would your business make it if something happened to you? Are marriage and children on the horizon? Are you or may you become a caretaker of a loved one? More people rely on you than you think.
9) “Life insurance is for families. We have no kids, so we don’t need any life insurance beyond what our employers offer.”
Pond: I cringe when I hear that one. Besides the fact that insurance offered by employers is almost always inadequate, having no kids does not mean you don’t have people relying on you, as mentioned above. Think about it: Could your spouse pay the mortgage if you died? That’s just one of many examples of why you need a policy.
8) “I’ll wait for an insurance agent to contact me.”
Pond: Terrific. Oh by the way, will that solicitation come before or after you pass away and leave your family’s future in jeopardy?
7) “Look, I started with nothing. Now I own a home, have some retirement savings, and my family wants for nothing. If I die, they’ll have a much bigger head start than I had.”
Pond: They’ll also have a lot more debt than you ever had. The cost of living keeps going up, and the mortgage payments and tuition bills won’t go away, even if you do.
6) “I’m in lousy shape. Why go through the effort of applying for a policy only to be rejected.”
Pond: This isn’t true. Insurers offer a variety of rate levels for every waistline. However, the better your physical condition, the lower your rate will be. So start making positive lifestyle changes now, not only for your policy but also your long-term health.
5) “I’ve already got plenty of life insurance coverage. If I die, my family will be rich.”
Pond: You may want to double-check. A 2007 LIMRA (Life Insurance and Market Research Association) study revealed that most Americans are underinsured. Make sure you’re not one of these people by calling a life insurance expert today.
4) “I’ve got great genes. My ancestors lived a long time, so I’ll live a long time.”
Pond: This one is frightening. The only thing for sure in life is that nothing is for sure. Look no further than Tedy Bruschi of the New England Patriots, who now is also an SBLI spokesperson. Just days after completing a championship season, he almost died of a stroke at 31.
3) “I’ll wait until I get older.”
Pond: Not only does this jeopardize your family by leaving them unprotected, it’s a terrible financial decision. While it’s never too late to buy insurance, the younger you are, the lower your rate will be.
2) “I don’t want some stranger coming to my house for an insurance physical. Anyway, I’m afraid of needles.”
Pond: These “strangers” are trained, licensed medical professionals from reputable medical institutions. They are coming to you to make the life insurance purchasing process easier. If you don’t want them visiting your house, ask your life insurance professional to schedule an appointment at your office, a nearby clinic, or a hospital.
1) “I’m too busy now to be bothered with life insurance, but it’s on my “to do” list.”
Pond: Too busy to protect your family? Now that’s nonsense!
These are just 11 nonsensical reasons not to buy life insurance. For more, or to get some free no-nonsense advice on how to protect your family’s future with low-cost, dependable life insurance, visit SBLI.com or call 1-888-GET-SBLI.
Pond, known as "America's Financial Planner" simplifies all things financial and discusses topics from annuities to zero coupon bonds in plain English. With Emmy award, critically-acclaimed television specials, newsletters and best-selling books, Pond's work in educating the public on financial matters has been far-reaching and widely recognized. He is widely sought as an objective and entertaining observer of the investing and personal financial planning scenes and has made regular national appearances on all of the network and cable television stations, including regular segments on CNN and over 50 appearances on NBC's Today Show.
11 Most Nonsensical Reasons for Not Having Life Insurance
By Jonathan Pond
11) “I can’t afford the premium on the amount of coverage I need.”
Pond: There’s no doubt the economy is putting a strain on all of us these days, but you’d be surprised how little a term policy costs. A 20-year, $500,000 policy may cost about a dollar a day. Surely you’d agree your family is worth such a small sacrifice.
10) “I’m single. I don’t need any life insurance.”
Pond: OK, but there are many other situations that require life insurance. Do you own a small business, and would your business make it if something happened to you? Are marriage and children on the horizon? Are you or may you become a caretaker of a loved one? More people rely on you than you think.
9) “Life insurance is for families. We have no kids, so we don’t need any life insurance beyond what our employers offer.”
Pond: I cringe when I hear that one. Besides the fact that insurance offered by employers is almost always inadequate, having no kids does not mean you don’t have people relying on you, as mentioned above. Think about it: Could your spouse pay the mortgage if you died? That’s just one of many examples of why you need a policy.
8) “I’ll wait for an insurance agent to contact me.”
Pond: Terrific. Oh by the way, will that solicitation come before or after you pass away and leave your family’s future in jeopardy?
7) “Look, I started with nothing. Now I own a home, have some retirement savings, and my family wants for nothing. If I die, they’ll have a much bigger head start than I had.”
Pond: They’ll also have a lot more debt than you ever had. The cost of living keeps going up, and the mortgage payments and tuition bills won’t go away, even if you do.
6) “I’m in lousy shape. Why go through the effort of applying for a policy only to be rejected.”
Pond: This isn’t true. Insurers offer a variety of rate levels for every waistline. However, the better your physical condition, the lower your rate will be. So start making positive lifestyle changes now, not only for your policy but also your long-term health.
5) “I’ve already got plenty of life insurance coverage. If I die, my family will be rich.”
Pond: You may want to double-check. A 2007 LIMRA (Life Insurance and Market Research Association) study revealed that most Americans are underinsured. Make sure you’re not one of these people by calling a life insurance expert today.
4) “I’ve got great genes. My ancestors lived a long time, so I’ll live a long time.”
Pond: This one is frightening. The only thing for sure in life is that nothing is for sure. Look no further than Tedy Bruschi of the New England Patriots, who now is also an SBLI spokesperson. Just days after completing a championship season, he almost died of a stroke at 31.
3) “I’ll wait until I get older.”
Pond: Not only does this jeopardize your family by leaving them unprotected, it’s a terrible financial decision. While it’s never too late to buy insurance, the younger you are, the lower your rate will be.
2) “I don’t want some stranger coming to my house for an insurance physical. Anyway, I’m afraid of needles.”
Pond: These “strangers” are trained, licensed medical professionals from reputable medical institutions. They are coming to you to make the life insurance purchasing process easier. If you don’t want them visiting your house, ask your life insurance professional to schedule an appointment at your office, a nearby clinic, or a hospital.
1) “I’m too busy now to be bothered with life insurance, but it’s on my “to do” list.”
Pond: Too busy to protect your family? Now that’s nonsense!
These are just 11 nonsensical reasons not to buy life insurance. For more, or to get some free no-nonsense advice on how to protect your family’s future with low-cost, dependable life insurance, visit SBLI.com or call 1-888-GET-SBLI.
Pond, known as "America's Financial Planner" simplifies all things financial and discusses topics from annuities to zero coupon bonds in plain English. With Emmy award, critically-acclaimed television specials, newsletters and best-selling books, Pond's work in educating the public on financial matters has been far-reaching and widely recognized. He is widely sought as an objective and entertaining observer of the investing and personal financial planning scenes and has made regular national appearances on all of the network and cable television stations, including regular segments on CNN and over 50 appearances on NBC's Today Show.
