Getting life insurance may not be at the top of your to-do list, but is an important step to financially protect your family

There are a lot of different reasons people put off getting life insurance. Maybe you just haven’t had the time or there isn’t room in the budget. I know I’ve had the same thoughts before I took out a life insurance policy to protect my family. 

This is understandable—except for the fact that for most people, the best time to get life insurance is right now! That’s right, right now is the best time you can start looking for life insurance. If you’re unsure or don’t think you need life insurance, definitely keep reading. It’s time to go over some of the most common reasons people delay getting life insurance, and show you why these reasons are less than accurate. I know I definitely had a few misconceptions in my mind before I learned about life insurance. Let’s take a look to get a better understanding of how it all works!

1. Life Insurance is Too Expensive

If you are young and healthy, you can secure a monthly rate that won’t break the bank

Life insurance is much more affordable than many expect.

The #1 reason that people will put off getting life insurance is due to the cost. Many people will assume that life insurance is a big investment that is unable to fit within your budget. This is a misconception for two major reasons. The first major misconception is that your monthly premiums will be too expensive. If you are young and healthy, then you should be able to secure an affordable life insurance rate. For example, a healthy person in their 20s or 30s will be able to get a $250,000 policy for anywhere from $13-$30 per month. Often, this is much more affordable than people expect. I know I was shocked to find out that some policies are so inexpensive!

The second misconception regarding the cost of life insurance is your age. The longer you wait to get a life insurance policy, the more the policy will cost. So, by waiting you are actually increasing the price of coverage over time. For example, if you are in your 20s right now, you will be able to get a lower rate than when you are in your 30s. This is because of the underwriting process. As you age, you present more risk to the insurance company.

2. Getting Life Insurance Takes Too Long

If you lead a busy lifestyle, there are ways you can get coverage with minimal wait time

Every year people elect to skip the medical exam for faster approval.

A lot of people will begin researching life insurance policies after a major life change. This could be anything from having children to starting a business. Any time you take on dependents or major debts, life insurance should be top of mind. The issue is that many people don’t feel they have the time to devote to the life insurance application. I know I struggled to get projects completed right after my little ones were born.

For people who lead busy lifestyles—like being a mom—there is always no medical exam life insurance. No medical exam life insurance is sometimes referred to as simplified life insurance because the process is much faster and easier than the regular approval process. For a regular term of permanent policy, you are required to undergo a medical exam including blood tests. These tests can take up to 8 weeks for results, which greatly prolongs the approval process. If you are searching for the best possible way to get life insurance quickly, getting life insurance without a medical exam is the way to go.

3. Young People Don’t Need Life Insurance

Ensure that your college debt won’t be transferred to your loved ones

Whenever you take on a debt—like a mortgage—you should consider life insurance.

Since life insurance is intended to protect your loved ones after you die, people think that they are too young for life insurance. This is untrue for many young people—especially those with student loans. If you have a large amount of outstanding student loans or other debts as a young person, then you should definitely begin looking for a life insurance policy. In the event that you should pass away before your debts are fully paid, your debts will be transferred to your surviving loved ones. In order to prevent this from happening, a life insurance policy is necessary.

4. Healthy People Don’t Need Life Insurance

An excellent health status should encourage you to apply for life insurance—not put it off

Staying healthy helps you get the best price on life insurance.

Another very common misconception is that if you are healthy you don’t need life insurance. Conversely, you should look into getting life insurance while you have excellent health and are low risk to the insurance company. Your health won’t stay the same forever, and you’ll want life insurance should you begin to experience health problems.

Instead it is recommended that you secure a low rate while you’re healthy so you can get the most coverage at the best possible price. While you may not be able to predict when you will need life insurance coverage, it is best to have peace of mind that your loved ones are protected in the future. 

5. Financially Responsible People Don’t Need Life Insurance

Part of being financial responsible is making smart investments—like a life insurance policy

No amount of financial responsibility can predict changes in the market.

As you are reading through this blog, you might be thinking—”Why would I need life insurance if I am already financially responsible?” I know I asked myself the very same question! Well, there is one major reason and that is the constantly changing economy. In some economic climates, it doesn’t matter how responsible you are—times get tough. You could end up dipping into your emergency fund due to pay cuts, job losses, or high interest rates.

When you invest in a life insurance policy, your payout is not dependent on the stock market or housing market like other investments. So, no matter how much the economy fluctuates, you are protected with the same policy amount. Should you pass away during a recession, your loved ones will receive the same payout as if the economy was healthy.

6. People With Pre-Existing Conditions Can’t Get Life Insurance

Getting life insurance is possible with pre-existing conditions—just make sure you do your research

Explore your options before deciding on the best policy—especially if you have a pre-existing condition.

As part of the life insurance application process, you will be required to release your medical records to the insurance company. During the underwriting process your complete medical history will be evaluated. This means that if you have a pre-existing or chronic condition, the insurance company will know about it through underwriting. Though certain conditions will make it more difficult or more expensive to get life insurance—it is still very possible to get the coverage you need. 

If you do have pre-existing conditions, then it is in your best interest to do your research and compare quotes from different insurance companies. By shopping around, you can make sure you are getting the coverage you desire at the best price possible. If you are having trouble finding a policy that works for you, you can always consult an insurance agent for some additional advice.

 

If you were previously on the fence about protecting your loved one with a life insurance policy—this is your sign to start shopping for a policy that works for you. Trust me, after you’re covered, you’ll feel secure that you are protected for the future. Peace of mind is important for many people, and comes at a cheaper cost than many expect. So don’t wait! Your perfect life insurance policy is out there—and it is likely easier to get than you expect.