Reasons Why We Don’t Talk About Life Insurance.

There are some topics that people just don’t like talking about. Personal finances are one.  Details of intimate and personal nature are another. And life insurance is yet one more. It’s easy to understand why people shy away from discussing the first two topics but why is it we avoid talking about something as important as life insurance? Well, there are many reasons …

It forces us to face our mortality

Nobody wants to think about their demise but mortality is a fact, and when it actually happens it’s pretty much beyond our control.  Look at it this way: the best way to deal with uncertainty is to be prepared for it and one of the ways to get our affairs in order is to put life insurance in place.  That way, should the unexpected happen, you’ll have everything in line to financially protect your loved ones as I’m sure you don’t want them to grieve and struggle financially at the same time.

We don’t benefit directly from having life insurance.

With health, car or home insurance, you are the one who directly benefits from having it in place. Yet in the case of life insurance, your survivors would benefit from you having it – not you. When you think about it, life insurance is altruism at its purest form; you are putting the needs of your loved ones before your own but in a sense, you do benefit as well.  You enjoy the peace of mind that comes with protecting those who matter most to you.  You will be able to provide them with a strong, stable, financial future.

 We think it’s too expensive

Many people simply disregard life insurance based on its perceived cost – there are already so many demands on our household budgets. Fact is, most people overestimate the cost of life insurance.  Let us determine what your premiums would be.  We’ll sit down with you and complete a Financial Goals Analysis which will let us know exactly how much coverage you’ll need.  Then, we’ll be able to obtain a quote.  By the way, this is completely free so you have nothing to lose.  Think about this: if money is tight in the household right now, how tight it would be if you weren’t around to contribute financially to it anymore?

We don’t understand it

Let’s face it. It can be confusing trying to get a good understanding of what the meanings of all the different types of life insurance are: Universal Life, Whole Life, Term Life and non medical life insurance.  Let alone how much coverage you really, really need.  With so many choices, it’s hard to know where to focus. That’s where we at the Blackmore Levy Group can help you. We have Licensed Financial Architects and we can show you what your best options are, which is based on your age, health and life stage plus we’ll also determine for how long you will need the life insurance for.

We are a young couple, so we don’t need it

The arrival of a new baby or purchasing a home and taking on a mortgage are major life milestones; these are also the times to start thinking about life insurance. Now is the time to shift your thinking and put the needs of the family first.  Could your family manage financially if you weren’t around? If the answer is no, then it’s time to talk about life insurance.  I know you want to protect your family if heaven forbid you were to pass away.  That’s why the foundation is the most important part of any financial house.  If you don’t have a strong foundation on any home the house will collapse. Life insurance is one of the main parts of the foundation on your Financial House along with a Will and Power of Attorney.  Let us show you how much coverage you need to protect your family and your assets.

We’re finally empty nesters, so nobody is depending on us

Just because children have left the nest, doesn’t mean they’re completely financially independent. Could your children afford your final funeral expenses (typical funeral expenses run anywhere from $9,000 – $25,000)?  Could they pay off any outstanding debts you might leave?  Also, remember that life insurance isn’t only designed to protect just children; it’s also to protect the remaining spouse. Would your partner be able to manage without your financial assistance?

If any of this has given you pause for thought, then it may be time to actually start talking about life insurance.  To find out how simple and straightforward life insurance can be, please call the Blackmore Levy Group or one of our Financial Architects and we’ll sit down with you and custom design, build or rebuild your Financial House.

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