When it comes to getting life insurance, there are many people who are actually apprehensive about obtaining coverage. There are a wide variety of reasons why people do not get a life insurance policy, but it is rather striking that fear and apprehension are part of the equation for so many.
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Studies have shown that about 93% of adults believe that life insurance is a necessity, yet only 63% actually have a policy. What is even more interesting is that of those who do have life insurance, roughly half are actually under-insured. So the bottom line is why getting life insurance at 75 or frankly any age one that fills some people with dread?
Why are People Skittish about Obtaining Life Insurance?
The list of reasons is rather long and they are not all related in terms of what brings about the feeling of apprehension. However, there are some reasons that are more prominent than others.
Cost: This is a rather obvious one in that life insurance policies require a monthly premium payment over their lifetimes. For some, the cost may seem too great to cover their needs. This is understandable for the policies that offer high benefits. However, there are policies that just cover the funeral costs which are often quite low and very affordable. The seniors over 90 years should obtain funeral insurance only which is more affordable with limited coverage.
Lose the Policy: This is another fear that many people share in that they believe the policy will not actually pay the benefit because the insurance company will find some obscure clause or reason. The idea of paying into a policy for years only to not see any benefits is one that causes trepidation in many people. While there have been some cases of insurance companies attempting to no pay the benefits, those incidents are few and far between. Plus, insurance companies can be taken to court and many have lost or paid substantial settlements. So, the fear of the insurance company not paying on an active policy is one that has only a remote chance of coming true.
Contemplate the Future: A life insurance policy forces a person to think about their own mortality which is not a pleasant thought. Thinking about life after you have passed away, especially for younger people is one that may seem a little morbid. However, for those who are older getting life insurance at 75 for example is a more comfortable subject because people of that age are thinking more about their family’s needs.
Should Getting Life Insurance be a Concern?
The answer is that while the subject of what your family will do if you should pass away unexpectedly may be a touchy one, it is something that needs to be addressed. All too often when someone passes away and they leave behind nothing but funeral expenses and debt, it can take the family months, if not years to recover financially.
Today, there are life insurance policies that can be tailored for the needs of you and your family. These include premiums that will fit your budget and benefits that will help your family financially in case you should pass away unexpectedly.
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