Making life insurance top of mind!
If you asked a handful of people how they’re fixed for life insurance, their responses would likely range from “I should really think about it” to “I have some but I need more” to “I’m not sure I need it”. These sentiments are reinforced by recent research which revealed that only 33% of Canadians own individual life insurance and a third of all consumers believe they need more life insurance.
Despite the obvious need for life insurance, many people hesitate to make it a reality for their families. For example, while one recent study showed that 45% of consumers consider themselves likely to purchase life insurance in the next year, another revealed that 70% are still deciding even after doing a lot of research.
So what prevents consumers from taking the next step to either purchase life insurance for the first time or shore up the coverage they already have? Experts suggest competing priorities, discomfort with the topic and popular misconceptions combine to create a sense of indecision and procrastination. While major life events like becoming a parent can get people thinking about life insurance, it is easily pushed to the back burner by more immediate personal and professional demands.
In some cases, the procrastination is psychological – humans don’t like to ponder their own death, and it’s also scientific – with advancements in modern medicine, people are less concerned about dying prematurely than previous generations. But the most common reason consumers put off buying life insurance is practical – of those who don’t currently have life insurance, 85% say it’s because they have other competing financial priorities, including paying rent or a mortgage, which 31% cited as their most important financial priority.
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For example, people who know they need life insurance coverage usually don’t know how much coverage they need, and also tend to overestimate how much it would cost. In the 2014 LIMRA Life Insurance Barometer Study, 80% of consumers overestimated the cost of life insurance and many believe it costs nearly 3 times the actual price.
If life insurance has been on your personal backburner, September is a great month to give it some long overdue attention. September is Life Insurance Awareness Month and the Life Happens website has many valuable resources to help you become more informed including Real Life Stories, a collection of short videos featuring ordinary people who have lost a loved one and the role that life insurance (or the lack of it) played in their ability to carry on with future plans.
Source: www.Foresters.com
