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Why Don't People Insure Their Precious Lives?


We all attach value to all things in our way of life.

Everyone I know puts the greatest value for their families, parents and health.

I have heard people point out that they could and can do anything to guard their families.

And, I totally believe men and women you must do everything humanly possible to protect their loved ones from invaders, killers, etc.

But, then how about we 35-40 percent of Canadians protect their loved ones from themselves?

I mean it could be our fault; whenever we die and family must struggle financially. It would be with enough contentration to see relatives (wife / kids / parents) to deal with no us around.

Why don't 35-40 percent of Canadians have their own lives insured to be sure that or their loved ones are financially protected? We all have our cars, homes, boats, etc, insured.

We put high value on these material items. But may seem like 40 percent of Canadian put less value on their lives than other activities.

Why do we put our families vulnerable?

Have you ever thought about; what would happen to your loved ones should you die tomorrow in a car accident?

I know thinking of our own death is not a topic we like to talk about.

But, you may already know death is probably the certainties of life. I have heard many excuses why people do not want to insure their lives.

Below are some of the main excuses, why people do not insure their lives.

Excuse #1 - I don't need life insurance. 


This is among the most common excuse I hear from people. I believe this excuse isn't real for many individuals.

There might be many people around who have funds on hand to hide all debts and expenses. But, most people do not belong to this category.

I think you don't need life insurance coverage if:

  • You are single and do not believe that your debt is almost anything to your mother and father.
  • You are debt free and have extra money to pay death expenses and family expenses.
  • You don't want to change your earnings for all your family members.
  • You don't care what goes on for your kids after your death.
  • You don't care what are the results in your spouse after your death.
  • You don't feel that a charity will use your insurance money to aid the needy.
Let's be truthful, I have not met someone yet, who says he will not value all of these things. This excuse is just not valid for anyone.


Excuse #2 - Life insurance is quite expensive. 

This may have been the truth previously, however it is certainly not the situation anymore. 

With increased competition, new insurance products, and increased expected life; insurance charges have gone down. 

Term life insurance coverage is among the most affordable product out there. Below are some situations of term insurance rates:

1. 30 year male will get $100,000; ten year term insurance for $11 monthly.
2. 30 year male could get $100,000; 20 year term insurance for $13 monthly.
3. 30 year female will get $100,000; ten year term insurance for $9 a month.
4. 30 year female can get $100,000; 20 year term insurance for $11 per month.

Note: These rates are estimates only. Contact your insurance advisor to have the state run quote.

As you can observe, for the small payment amount, you can get $100,000 in life insurance coverage. Basically you can get dollars for pennies.


Excuse # 3 - There are lots of requirements to get a term life insurance. 

Insurance companies will be in a business to generate money. 

They are seizing your risks and promising to pay for your loved ones the sum insured. 

They have to ensure that insurer has good health and can increase the risk for premium payments. 

Actually, you will find only very few basic requirements.

What could you do, in case you were the insurance company? 

Would you give life insurance not having the clients meet requirements?


Excuse # 4 - It takes a long time to get life insurance coverage approvals.
 
Actually there isn't an extended process to obtain insurance. 

If you pay your first premium with the application, you will get temporary insurance approximately $500,000, due to the fact you might be insurable. 

Your application goes with the application process and that will take 4-6 weeks, but which will not be an issue since you are covered under temporary insurance anyway.


Excuse # 5 - I don't know anything about term life insurance and know where to start. 

There are numerous things in daily life, which we don't know about. 

There are insurance coverage advisors who are able to enable you to. They should be capable to explain life insurance products in greater detail.

So, as you can observe these excuses aren't valid in any respect. 

If you really value your household, get insured. This could be the most effective gift you can leave for your family.

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