We’ve all seen the sad GoFundMe links on Facebook asking for financial help for a family in dealing with the loss of a loved one. Doing a quick Facebook search for my town reveals several of those requests.
One is for the family of a man who was recently killed in an accident while cutting down a tree. The fundraiser raised just over $8,000 to help pay for his funeral expenses. There are hundreds of stories just like this, and almost all of them could have afforded to have a small life insurance policy.
Us dads know that life insurance is important, but surveys show that we are still dropping the ball when it comes to getting coverage. A Stanford study found that the average age of new fathers is 31 years old, but according to NoExam.com, 60% of fathers wait until after the age of 45 to shop for life insurance. So why are most people putting off something so important?
I’ve listed the seven most common excuses fathers use for waiting to get life insurance and added the primary reasons that these excuses just aren’t valid.
#1 I’m Too Busy
Dads love to play the busy card. Between work, parenting, exercise, yardwork, and the honey-do list, there isn’t enough time in the day. After all, it’s a long drawn-out process that takes months and requires a medical exam, right? Dads often wonder, “When am I going to have the time to do all of that?”
The “I’m too busy to get life insurance” excuse might be the flimsiest excuse on the list. Not many people know that you can now complete the entire application process for life insurance online in less than 30 minutes. It can be done during a lunch break, and it does not require a health exam.
#2 It’s Too Complicated
Yes, it’s true, life insurance can be complicated. But the type of policy that most people need isn’t. It’s called term life insurance, and here’s how it works:
You select a length of time you’d like to have coverage, usually 10, 20, or 30 years. You select a coverage amount of 10x your yearly income, plus all debt balances and future education expenses. You pay a monthly premium that coincides with the length of the term you’ve selected. The rate never goes up. It’s a very simple product that only takes about 15 minutes of reading to fully grasp. So please, let go of that excuse too.
#3 It’s Too Expensive
Just because you don’t know how much something costs, doesn’t mean it’s not affordable. Studies have confirmed that no one really knows how much life insurance costs until they start shopping for it. If you think it’s too expensive now, when you are in your 30s for example, wait until you see the price in your mid-to-late 40s. Spoiler alert, it will be nearly double.
The cheapest time to buy life insurance is when you are young and healthy, putting it off will only cost you a higher monthly premium.
#4 I’m Planning to Lose Weight
This is the “I got a quote, but the agent said it’d be cheaper if I lost 10 pounds” excuse. But let’s be real, it’s football season. Plus, if anything, you risk gaining weight over the winter since we are biologically programmed to do so. The good news is that when you lose weight, you can apply again for a better rate. Once it is approved, you can cancel the other higher-priced policy. The best thing to do is go ahead and get a policy in place, then use the money you will potentially save as motivation to drop the weight.
#5 I Don’t Want to Take the Health Exam
A lot of people have anxiety over taking a life insurance health exam. What do they test for? It’s an invasion of privacy. A stranger in my house drawing my blood? It just feels creepy. What if this is how I find out I’m unhealthy?
Though they will never admit it, a lot of dads are afraid of the health exam. It’s not the needle prick they are scared of. It’s what the blood work might reveal that deters many of us from scheduling that health exam in order to get life insurance.
But we all know the truth. The old saying, “What you don’t know can’t hurt you,” is not true when it comes to your health. Of course, no one wants to find out they have health problems, especially from a life insurance exam. We also don’t like the idea of letting a stranger into our house to poke and prod us and ask seemingly intrusive questions about our health and habits.
Luckily for us, many life insurance companies now allow people to bypass the exam without increasing the cost of their policy. The health exam is optional, and most policies can be underwritten with data from health bureaus and medical questionnaires.
#6 I’m Getting it Next Month
Pablo Picasso is famously quoted as saying, “Only put off until tomorrow what you are willing to die having left undone.” Don’t procrastinate doing what is necessary to protect your family’s livelihood. I speak with people every day who, upon learning that I work in life insurance, say, “Oh, yeah! I’ve been meaning to get some.” The truth is, it only takes a few minutes. Don’t get life insurance because you are going to die, get it because your family is going to live.
#7 I’m Healthy and Fit
I’ve talked to many people who think life insurance is only for old or sick people who are nearing death. The fact is, no one plans to get sick or die at an early age. You’re healthy until you aren’t. A routine trip to the doctor could suddenly reveal a health condition that increases your life insurance rate. A freak accident could suddenly take your life or render you disabled. Furthermore, perfectly healthy people get diagnosed with serious health conditions every day. While unlikely, it is possible. It would be foolish to think it can’t happen to you.
It’s Life Insurance Awareness Month
Getting life insurance now will be cheaper than buying it 10 to15 years from now. It’s much better to spend $50 per month now than $125 per month in the future, all while taking a chance on your family’s security during the time you’re without coverage.
Isn’t it time to step up and cross this task off the list? As we all know, life is full of challenges that are much harder than this one. Compared to most life tasks, life insurance is a piece of cake, and as mentioned, a no-brainer. The sooner you get it, the better.
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