Life insurance can play a significant role after premature death. But, still several excuses people give for not buying life insurance in their life.
Life insurance is also known as life assurance or final expense insurance. It is extremely significant for protecting your family, dependents, business & legacy.
People who have already realized their family responsibilities may wish to get life insurance coverage at an affordable premium as soon as possible. But, still several individuals are not willing to buy life insurance policy.
According to a 2010 study conducted by LIMRA’s 2015 Insurance Barometer Study, 56% of Americans do not have an individual life insurance policy & 30% of Americans have no life insurance at all.
Several individuals are not buying policy coverage due to certain purchase barriers. Some of those barriers include lack of time, financial resources, as well as other constraints that need to be overcome. Here are 11 silly reasons or excuses people give for avoiding or skipping life assurance policy:
(1) Expensive Life Insurance Premiums
It is one of the funniest reasons or excuses people give for not buying life insurance. Life assurance policies are not as costly as they were used to be few years ago. It is because of severe competition in the entire industry.
According to a 2014 survey conducted by LIMRA & non-profit insurance group Life Happens, about 63% of respondents replied that they didn’t buy life insurance due to its too expensive rate.
While representing the second camp, about 69% of respondents replied that cost of living expenses is mainly responsible to stay away from buying life insurance policy.
However, cost of extras such as internet, cable, mobiles was a major purchase barrier for 52%, according to study.
Generally, life insurance quotes depends on a number of factors. Some of those factors include age of applicant, status of health, smoking or non-smoking nature, type of insurance policy & many more.
Thus, if you are a young individual with good health who doesn’t smoke then your life insurance premium will be quite affordable.
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