Reasons Why No Life Insurance Is Bought
Most people don’t buy life insurance for multiply reasons but mainly because they want to be guaranteed life insurance before they even apply. This is as foolish as a boy not asking a girl for a date for fear of being turned down. The same is true for insurance; you will never know until you apply.
The top reasons for not buying life insurance are that people deem that they don’t need it at the current stage of their life or they are apathetic about their future risk coupled with confusion of how it works. Affordability is also a huge factor as some people do not want to give up some of their “goodies” today for their security and that of their loved ones tomorrow. Some will let the fear of a medical exam stand in their way because they may have an illness they don’t want to deal with at the present time or want to keep secret.
Don’t be caught without any life insurance coverage because it can be financially devastating to your loved ones. If you should die, they will already be in a state of bereavement. Debt and creditors chasing after them is the last thing they would need at this time. Begin researching your options as there are many policies out there for you to choose from. The two basic types of life insurance are term and whole life sometimes called permanent life.
If the reason you have no life insurance coverage is because of affordability, then Term Life Insurance is what you need. It is very cheap because it is basic insurance just like auto insurance which insures your car for a given term, usually six months to a year and has to be renewed. Term Life Insurance is similar to auto insurance also in that it has no cash value feature.
Whole Life Insurance is also called permanent because it normally covers you for your whole life time even if live a hundred years or more. The main feature is that it has an accumulative cash value that can be borrowed against or used as collateral for a loan at your bank, sometimes with a lower interest rate due to its stability. This type of insurance is more expensive, however it has multiple features that you can add-on that offer a lot of flexibility for your financial future.
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