Most people will argue that nothing in life is more important to them than protecting your loved ones, however things they choose to insure, don’t always support their words.
A Simple Truth
Though we say that our families are most important, and most truly believe they are, only 55% of American adults purchase life insurance to safeguard their families future should something happen to them.
Moreover, many in that 55% aren’t really “safeguarding their loved ones’ future”, but simply covering minimal expenses associated with their own death. In fact, 42% of those with life insurance say they purchased it so as to not burden anyone with their burial expenses.
What We Choose to Insure
Now let’s look at a few things that we insure in America.
Pet Insurance – The percentages of pet owners buying this insurance is relatively low. But, consider that in 2013, we paid $499M in pet insurance premiums. And that number grew to $689M for 2016. A 38% increase in just 2 years according to the North American Pet Health Insurance Association.
Cell Phones – 20% carry cell phone insurance on their device.1Life Happens “lifehappens.org”
Home Owners Insurance – 67% carry home owners insurance. Most of the rest, rent.2Life Happens
Cars – 79% carry car insurance3Life Happens
Life Insurance, for the Fit and Healthy, is a Great Value
In order to receive the lowest premiums for life insurance, you must provide medical and financial information as part of the process. Proving that you are active, healthy, and reasonably safe (with respect to your work, financial and leisure activities), you may qualify for very favorable rates for your term life insurance. In a nutshell, you are doing what you can to ensure a long and happy life!
If you fit this description of a fit and healthy person, you will more than likely be offered the lowest premium class for your coverage.
Consider that the premium difference between a “Standard Non-Smoker Class” individual (someone of average health for their age), and a “Best Rating Class” Non-Smoker individual (someone in excellent health), can be as much as 50% or more.
It’s relatively simple to find out if you qualify for these low rates. You fill out an application that includes a health questionnaire. Then you may be required to get a health screening.
After these steps are finished, the insurer will review your information and make a decision. Their decision will be two fold: whether or not to offer you a policy at all, and then in which rate class will you be slotted. The better the rate class, the lower the premiums you will be asked to pay.
Now, your quote is more than a quote, it is an actual offer of insurance, with a locked in premium. No more, “it could be” language. They understand you and your health and have provided specifics on price.
The Decision is Yours
The great thing about life insurance is this: you are under no obligation to accept the policy. Once you have the policy, you can accept the policy or you can decline. The decision is yours. The insurer has invested in getting to know you. You’ve spent nothing. You’ve simply answered questions and learned what they think of you as a risk.
There is really little reason not to take these steps. The most difficult part is simply making the time to complete the process. After all, if you are fit and healthy, what’s the rush right?
That’s really the problem. Because you are fit and healthy, your likely thinking nothing can happen. But accidents do happen, and when they do, there’s no warning. That is the reason you need protection.
We as a nation, spend lots of money to insure our things, but very little to ensure that our loved ones are financially stable, if something happens to us. Further, the monthly cost of insuring our lives for hundreds of thousands of dollars is often far less than insuring a car for the same period. What are you waiting for…
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