It’s just for “old” people with kids. Young people don’t need it. It’s too expensive. The list of reasons people don’t buy life insurance could go on and on. Follow along as we debunk the top reasons people don’t buy life insurance and why a policy could be right for you.
- Life insurance is too expensive.
This is the number one reason Americans don’t buy life insurance, according to the non-profit organization Life Happens. BUT—80% of people actually overestimate how much it costs! Term life insurance could cost around 45 cents a day.* That’s less than the cost of most sodas, coffees, or candy bars! Get a term life insurance quote to see how affordable a policy can be!
- It’s too complicated.
Life insurance and death are two things people definitely don’t talk about every day. It’s just plain uncomfortable. Plus when you’re unfamiliar with something, whether a job, piece of equipment, or homework assignment, it can feel tough to understand. Term life insurance doesn’t have to be complicated, though. It can be broken down into a few simple bullet points:
- Get a pre-set amount of coverage for a defined period of time (a term)
- If the unexpected happens within the defined period of time, your beneficiaries (typically your family member, friend, or charity) receive the pre-set amount of coverage
- Your beneficiaries can use the coverage to help cover funeral costs or final expenses, or to take care of everyday things like groceries or rent
In short, life insurance can help create a more stable financial future for your family and save you from sleepless nights worrying about the unexpected.
- I don’t have the time!
Music lessons, sports practices, making dinner, laundry, work…your days fill up—fast. When your life is a non-stop flurry of activity, it can feel like there’s no time to spare. Applying for term life insurance can take as little as a few minutes, though, and you can do it all on your smartphone, computer, or in-person. Know what to expect when applying for term life insurance so that you can get the fastest life insurance quote no matter where you are or what you’re doing.
- Life insurance isn’t required by law.
True. There’s no law that says you have to buy life insurance. There’s also no law that says you have to eat your vegetables, be kind, or give the pizza delivery guy a tip, but most of us do these things anyways. Why? Because it feels like the right thing to do. Even though life insurance isn’t required by any mandate or law, having it could mean all the difference for your family if something were to happen to you. Doing your best to protect your family from future financial stress? That feels like the right thing to do.
- I don’t have kids.
Life insurance is a wise option for people with kids, but it can prove beneficial for singles or couples without kids, too. Think about your loved ones for a second—people like your siblings, parents, aunts, uncles, and grandparents. If there’s anyone in your life who would suffer financially from your loss, a life insurance policy could go a long way.
Still not so sure about term life insurance? Call one of our friendly agents at 1-877-GO-DIRECT (1-877-463-4732) or stop by a Direct Auto & Life Insurance location near you today. Our experienced agents can answer almost any question you may have about life insurance. Talk to you soon!
* Individual term life insurance by Direct General Life Insurance Company, Nashville, TN. Policy 58TL02010713.
Per day amount based on annual premium for insured 18-50 years old with a $15,000 policy. Other limits available. Premium and other terms will vary by state, the insured’s age, and the selected coverage.