Let’s face it – buying life insurance isn’t at the top of most people’s “fun things to do” list. In fact, it probably falls somewhere between organizing your sock drawer and watching paint dry. Despite its importance, many people delay purchasing life insurance, under the impression this is a task that can be put off until later. Unfortunately, procrastinating on this crucial decision can be a risky game.
Here are some common reasons people delay buying life insurance and the (serious) risks that come with them:
“I’ll do it when I’m older.”
Ah yes, the age-old mantra. You’re young, healthy, and invincible, right? Maybe now is a good time to remind you that your body ages faster than your brain thinks it does. Time has this funny way of sneaking up on you—one day you’re fine, and the next, your knees sound like bubble wrap every time you stand up.
Waiting until you’re older can mean higher premiums or even being denied coverage if serious health issues arise. Plus, accidents and illnesses don’t exactly send you a “save the date” notice. It’s like waiting to put on your seatbelt until right before a car crash. It doesn’t make much sense, does it?
"I can’t afford it right now.”
Sure, life insurance is another item on your already tight budget. But guess what? Life insurance, especially when you’re younger, can be incredibly affordable. You might be surprised to find that it costs less than you think.
If you’re putting it off due to budget concerns, you might be setting yourself up for a future where life insurance could be even more expensive. Not to mention, leaving your loved ones financially unprotected if you pass before setting up coverage. That isn’t the legacy you want to leave, right?
“It’s confusing—I’ll figure it out later.”
Insurance jargon can make anyone’s head spin. Premiums, beneficiaries, term vs. whole—it sounds like a foreign language. But that’s exactly why life insurance agents exist! These professionals are basically translators who can help you determine exactly what coverage you need.
Don’t make the mistake of letting “later” turn into “never.” By the time you finally figure out what a beneficiary is, your rates may have already skyrocketed. Worse yet, something unexpected could happen, and you wouldn’t have the chance to figure it out at all.
“I don’t need it—my family will be fine.”
Oh, the sweet optimism of thinking our loved ones will just “figure it out” if something happens. Sure, they might manage, but do you really want them scrambling to cover funeral expenses on top of grieving? (Hint: No, you don’t.)
Without life insurance, your family could face financial hardship while dealing with your loss. Planning a funeral is hard enough without worrying about how to pay for it. Don’t leave your loved ones to fundraise through social media or max out their credit cards. A little bit of planning now can save them a lot of heartbreak later.
Life happens while you’re making other plans—or while you’re “too busy.” If something unexpected comes up, your family could be left unprotected. And let’s be honest, how long does it really take to sit down with an agent and get the ball rolling?
And who knows, once you check it off your list, you might even have time to tackle that sock drawer.
