Why don’t people buy Life Insurance?
Many Consumers are uncomfortable and don’t know who to ask about life insurance this keeps them from acquiring a very necessary coverage. At Segreve and Hall we have heard the following:
- I could not decide what type or how much to buy
- I was afraid to make the wrong decision
- I did not know enough about life insurance and did not know who to ask
- It is intimidating and I don’t want to make a mistake.
At Segreve and Hall we have been working with consumers for over 25 years that worry about leaving their dependents with unpaid debt, unfunded college expenses, a large mortgage etc…Call us and we can discuss your particular needs and concerns; whether you are more comfortable meeting in person or would rather talk on the phone we can find a solution for your particular needs.
- Three in ten American households are uninsured and half say they need more life insurance.
- More than half of Gen X and Y households representing 30 million people do not have insurance
- The top two reasons people don’t buy life insurance are: competing financial priorities or because they think they cannot afford it.
- Interestingly, a recent LIMRA/LIFE study found that consumers overestimate the cost of insurance by as much as three-fold.
- Another factor, six in ten consumers don’t recall being approached to buy life insurance in the last two years.
- Thirty-five percent of shoppers who met with an insurance agent did not buy because; their agent failed to follow up with them.
At Segreve & Hall securing a life insurance policy is simple; cater a plan that fits your needs whether it is for a specific time period (10 , 20 , 30 years) or for a life time we have a policy for you.
A question most people have when talking about life insurance “How much life Insurance is enough?” The most accurate way in determining the proper amount of coverage is to complete a Life Insurance Needs Analysis. The following link will bring you to my web-site where you will fund a Financial Calculators Tab. There is a Life Insurance Needs Calculator. If you plug in the necessary information an estimated life insurance amount will be determined. Call or email me if you have questions with the calculator (firstname.lastname@example.org)
If you chose not to go through the calculator there are a couple of Rules of Thumb:
Obviously this rule does not take into consideration debt, current savings, mortgage, college expenses etc…
Another fault with this rule of thumb it does not take into consideration if one spouse is a stay at home parent. The stay at home spouse takes care of child care, house responsibilities etc… this is a real expense.
This formula will increase the life needs and more closely determine the income replacement necessary if one spouse passes away.
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