What are the real reasons holding you back from getting life insurance? Are you like the majority of Americans who don't have it, but say that they know they need it?
A study by the financial and insurance organization LIMRA shows that 6 in 10 Americans have life insurance—yet 30 percent of them feel they need more.
Does this ring true for you? If so, maybe it's because of one of these reasons. *
1. It’s too expensive. Cost is the number one reason people don't have life insurance. Yet another LIMRA study shows that 80 percent of consumers think term life insurance costs much more than it actually does. Life insurance is probably more affordable than you think—and there are lots of ways to bring the price into your comfort zone.
2. I have a health condition. The good news is that having a health condition doesn't automatically disqualify you from getting life insurance. If you overcame a serious condition in the past or if you are managing a condition with the help of a medical professional, you can still be covered.
3. I don’t have any kids. There are many reasons people with no children still need life insurance. Just a few include providing for a financially dependent spouse or another family member, having the money to pay for a funeral or being able to pay off a loan that has a cosigner. Life insurance can also help you leave a gift to a religious, educational or charitable organization near and dear to your heart.
4. I don’t work outside of the home. If you stay home to care for kids or other family members, it may take hiring someone to replace all that you do. And that could be pricey, so definitely consider buying life insurance as a way to cover those additional expenses.
5. I’m not sure what I need. Most people don’t—but your Erie Insurance agent is there to help you. Erie Family Life offers options like term insurance that’s designed to last for a specific period of time and permanent plans designed to last a lifetime. Your agent can recommend one that works with your life and budget.
6. I don’t have the time. Life is busy, which is why Erie Family Life offers e-signature on life insurance policies to make the process easy and convenient. You can also consider ERIE LifeSense®, which can provide up to $90,000 worth of coverage in about 15 minutes. There are no doctor's visits or complicated forms—just a simple application with only a few medical questions.
Life insurance probably isn't something you want to talk about, but it really is too important to put off. Your Erie Insurance agent can make the conversation about protecting the people that matter most as easy as possible. When it comes to life insurance, the only wrong choice is doing nothing at all.
*Life insurance and annuity products are not available in New York.