September is National Life Insurance Awareness Month, but most Americans know very little about their life insurance options, or aren't sure if they need it. In fact, according to the 2015 Life Insurance Barometer Study, more than 40% of Americans have no form of life insurance protection at all. Sadly, a large majority of those without life insurance forgo the coverage because of misconceptions regarding its cost, usefulness, or protection options. In today's blog post, we hope to clear up the confusion by pointing out three lies people commonly believe about life insurance, and instead identify the truths every consumer should know about life insurance coverage.
It's Too Expensive
One of the biggest lies people believe about life insurance is that it is too expensive for their budget. The reality is that life insurance is one of the most affordable types of insurance consumers can have, with many policies costing less per day than a latte or cappuccino at a nearby coffee shop. The cost of life insurance policies is negligible compared to the financial security and peace of mind it provides both to the policyholder and their beneficiaries.
We Don't Need It Now
Another common lie consumers believe is that it's not needed at all, believing there is no need for it because of their age, health, or stage in life. This is especially true for 20 and 30 year olds as they don't feel life insurance is necessary because of their safe and cautious lives. Unfortunately, accidents can happen at any time and at any age, whether at home, in the office, on the road, or even on vacation. This can leave survivors in a severe financial crisis trying to scramble to pay funeral costs, outstanding debts, or even just survive and meet daily needs.
We Have Enough
Finally, the last lie that consumers sometimes believe about life insurance is that basic coverage is enough. Many consumers believe that a simple policy provided from their workplace, (often equal to a year's salary) or basic level of protection will be enough to truly meet all financial obligations if they pass away. In reality, people commonly underestimate the immediate and long-term needs of survivors and beneficiaries after they have passed. In addition to burial costs, surviving family members must quickly pay mortgage or rent payments, outstanding bills, basic living expenses, tuition or dental expenses, and transportation costs. Without ample life insurance, a surviving family will be left in dire financial straits trying to replace their income while also grieving the loss of their loved one.
Getting Life Insurance doesn't have to be an expensive, complicated process. In fact, Aegis can help get you on the path to financial security and peace of mind with our full range of affordable, reliable, and flexible Life Insurance options. The friendly and experienced Life Insurance agents of Aegis can help you identify the life insurance plan that meets your unique needs and your budget. We can explain confusing terminology, determine which type of insurance is best based on your age and future goals, and help give you and your family peace of mind in case disaster strikes. Give us a call today at 713-850-7622 for more information, or go online for a free quote!