Reason #1- “I’ll get around to it” and never do- TRUE Story
I don’t even remember now how the news arrived. It’s irrelevant really. One of our clients, dead at 54. Had a heart attack while sleeping. Just like that. Gone. (important to note- there were no early indicators. He had just had a complete blood workup that checked out great and had lost 20 pounds).
As I was reviewing some client notes, that’s when I saw it. A life insurance proposal from the previous fall. You see, the client had requested the proposal. He had no life insurance and decided it was time to get serious about providing for his family.
But as is too often the case, he did nothing about it. He left it for later. And later arrived all too soon.
He didn’t have life insurance because he fell victim to the “I’ll get around to it” mentality
Fast forward a few days after the funeral and his widow came to the office to make the necessary personal policy changes.
She sat down in front of me and said, “I held onto that life insurance proposal you sent Bill. I kept telling him to get it done and he kept putting it off and putting it off……”
So I asked her, “Did he have any coverage through his employer?” The answer was no.
Then I asked, “So you have nothing to fall back on?”
She replied, “I have no income. Nothing. And the only thing I can sell to get some money is his car.”
Sitting there with her, listening to her story, was one of the hardest things I’ve ever done.
Because the story could have had a difference outcome. A more positive one.
And over the next year, the story continued to get worse- she sold her house, and moved in with her adult daughter.
The “I’ll get around to it” mentality is a very common reason for people not to have life insurance. But, not, as it turns out, a great one.
Reason #2- No one likes to think about his or her death
Well, NO ONE like to think about death, let alone their own. It’s depressing, it’s sad and terrifying. But folks, we must face facts. It WILL happen.
Let’s acknowledge no one gets out of this world alive and that the reason we buy life insurance is to help those left behind. That’s a great reason to buy life insurance.
Reason #3- You don’t want to go through a medical exam
Yep, many would prefer ANYTHING to a medical appointment. However, the exam for life insurance (called a paramedical exam) is pretty easy. I just went through such an exam and it was about 30-40 minutes, on a Saturday morning. A nurse came to my house. She handed me the specimen cup and told me to fill it and return it. Pretty simple. I HATE getting my blood drawn and break out in a cold sweat, but it was no big deal. She was gentle and it was quick and easy. I also had my height and weight taken, my blood pressure and blood oxygen level measured, and had to answer some additional medical history questions. I had worked it up to be FAR worse than it really was. I survived. And you will too.
And please note- a paramedical exam is NOT always required. It will depend on your age and amount of insurance requested. So don’t assume that you’ll need one.
Reason #4- I already pay for so many other insurance policies
No one likes paying premium. Yes, even me. I often hear from clients they are “insurance-poor.” But the younger you are when you buy life insurance, the lower the premium. Fact. And when you’re young, the monthly cost is probably what you’d pay for a few dinners out. Not a huge sacrifice. Not for what you’re trying to accomplish. And even when you’re older, the better health you’re in, the lower the premium. So it’s not impossible.
And NO ONE likes paying premium for something they won’t use. But reality check time- the policy isn’t for you. Never has been. Never will be. It’s for those left behind.
Reason #5- In trying to decide the “right” amount of life insurance, you end up not choosing anything
Keep this in mind- ANY amount is better than nothing. Looking back at Reason #1 above, do you think my client would have been thrilled with $25,000? Of course she would have. $25,000 would have provided her with roughly half of her husband’s salary and would have been able to pay continuing expenses while she looked for a job. Don’t get paralyzed trying to make a decision. Again, anything is better than nothing. Make a choice and move forward.
All the above reasons are excuses. Plain and simple. Don’t buy into the excuses. Buy into the solution.
If there is anyone in your life you care about and who will be left to pick up the pieces after you’re gone, then you need life insurance. Period. Again, it may only be a small policy for final expenses, but it’s something to get them over the hump that will be caused by your absence.