Why I Don't Want to Buy Life Insurance?

Today, in America, life moves at an incredible pace. Each morning many people have the best intentions to get everything done but all too many times, life comes up. Estate planners, financial planners and insurance agents during their initial consultations an absence life insurance. They will also discover for clients who have life insurance that are under-insured. Forefield touches on this below.


Why I Don't Want to Buy Life Insurance
October 12, 2011
Page 1 of 2, see disclaimer on final page
If you're like most people, it's not that you don't
appreciate the value of life insurance. In fact, many
people believe they need more coverage. You
probably wouldn't mind owning additional life
insurance. It's just that you don't want to buy it.
Thinking about buying life insurance, talking about
buying life insurance, discussing the reasons for
buying life insurance--all of this makes many people
feel uncomfortable. Here are just some of the reasons
why you may be putting off buying the life insurance
you know you need.
I don't have enough time
You'll get around to buying life insurance, but not
today. With all the things you've got to do, buying life
insurance can come off as a low priority--just one
more thing you ought to do. Plus, the whole idea of
discussing life insurance isn't a whole lot of fun. Who
wouldn't rather take the dogs for a walk on the beach,
attend a child's softball game, or spend those
precious few hours of free time in the evening visiting
with friends?
Nonetheless, buying life insurance is really an
important task that should be addressed. Life
insurance can help ensure that your family will have
enough money to meet their financial obligations in
the event of your death.
The subject is boring and morbid
If you really don't like to think about death, you're not
alone. Death is an unpleasant subject, and life
insurance raises issues of our own mortality. Some
people say that the very thought of starting the life
insurance buying process makes them feel stressed
out. There's no great appeal to contemplating our own
mortality. It's a subject we'd rather ignore than
address. The result can be inertia or denial.
It doesn't have to be that way. People who do act on
their life insurance needs tend to focus on the positive
aspects: the idea of meeting their responsibilities to
provide for, and care for, their loved ones. They think
of it as contingency planning, protecting their families
against the uncertainties of life. They also recognize
that life insurance is really about life and love, about
helping to ensure a positive quality of life for their
spouse and children if they die prematurely.
I don't know where to start
If you don't have a clue about which type of policy is
right for you, or how much life insurance you need,
join the club. Few of us truly understand life
insurance: why we need it, what type of policy is best,
how much we need, when and how benefits are paid,
how benefits may be taxed, and more. That's okay.
It's not your job to know everything about life
insurance. That's the job of an insurance professional.
Thinking you need to have all of the answers about
which type of life insurance is best for you is sort of
like needing surgery and thinking you need to know
which type of scalpel to use. That's the surgeon's job.
In the same respect, the right insurance professional
can guide you through the process of selecting the
policy that best suits your needs, budget, and
objectives, and can answer your questions.
Life insurance isn't a high priority
compared with the other expenses I
have
For many underinsured people, it's not so much that
they don't want the life insurance they need; it's just
difficult to find the extra dollars to pay for it.

Buying life insurance you can't afford benefits no one.
If it causes your family hardship or requires you to
make choices that seem incongruous ("Gee kids, I'd
love to take you on vacation, but our life insurance
premium is due"), you'll eventually discontinue the
policy. Then you lose, and your family loses.
That's why it's important to purchase a policy that
meets your needs and your budget. Fortunately, there
are many types of life insurance available. These
include term life insurance policies and various types
of permanent (cash value) life insurance policies.
Term policies provide life insurance protection for a
specific period of time. If you die during the coverage
period, your beneficiary receives the policy's death
benefit. If you live to the end of the term, the policy
simply terminates, unless it automatically renews for a
new period.
Permanent insurance policies offer protection for your
entire life, regardless of future health changes,
provided you pay the premium to keep the policy in
force. As you pay your premiums, a portion of each
payment goes toward building up the policy's cash
value, which may be accessed through loans or
withdrawals. (Keep in mind, though, that loans and
withdrawals will reduce the cash value and the death
benefit, and could cause the policy to lapse). The
cash value continues to grow--tax deferred--as long
as the policy is in force.
Several different types of permanent life insurance
are available, including:
• Whole life insurance
• Universal life insurance
• Variable life
• Variable universal life
Note: Variable life and variable universal life
insurance policies are offered by prospectus, which
you can obtain from your financial professional or the
insurance company. The prospectus contains detailed
information about investment objectives, risks,
charges, and expenses. You should read the
prospectus and consider this information carefully
before purchasing a variable life or variable universal
life insurance policy.
The bottom line
It's easy to understand why people tend to put off
purchasing the life insurance they know they need.
But look at it this way: buying life insurance is one
way you can help secure your family's financial future.
And what could be better than knowing your loved
ones will be protected, even if you're no longer
around to take care of them?

Basically you have a choice in life how you can impact the future. One way is to leave a legacy for your family. Let them mourn emotionally, and not financially as well. If not adequately insured and planned, please do so. If not from me, somebody.