Author: Marilyn Katz Added: July 3, 2008
Lots of people understand why they need life insurance. Their parents probably had life insurance, and in some cases, that coverage protected their family from financial need if they suffered a loss of one or both parents. And now, in fact, life insurance policies are surprisingly affordable. People are living longer, and the life insurance business is even more competitive than it used to be. In fact, I can hardly watch TV or browse the internet without seeing several competitive ads from companies that want to cover my life! If people understand that they need to protect their family in case they pass away, and life insurance has affordable rates, why do so many people put off the purchase? Who do so many families need to suffer even more, when a loved one passes away because they have no way to replace that income to get back on their feet? Well, I have talked to many of these people, who have put off purchasing coverage, and their answers are simple. They never say that they could not afford a policy. They simply do not want to go through a complicated application process. They put off a purchase of life insurance because they do not want to take the time to have a physical, or because they are concerned about the privacy of their medical information. Some families do not understand the underwriting process, and they think that some minor issue will show up and case them problems. However, these days, insurers provide coverage that ranges from a few thousands dollars, and up to a few hundred thousand dollars without requiring any sort of exam at all. In fact, coverage may be obtained by filling out a simple application, and most people can qualify. Some of this coverage can be applied for without ever seeing an insurance agent, and the whole process can be done online, by mail, or over the phone! Younger applicants will have an easier time, finding simple issue policies like this, but policies are available for middle aged people, and even senior citizens! What we find is that the older an applicant is, the less coverage can be obtained without a physical. While a 40 year old applicant can find a few hundred thousand dollars of life insurance with no physical, a senior citizen may only be able to qualify for $25,000. But in general, these amounts work out with the needs of the applicants. Younger people, who are paying off mortgages and raising families, in general, need more life insurance. Older people usually only want a smaller amount of life insurance to pay for burial expenses and settle debts when they pass away. So a young family with 2 kids and a mortgage may need a few hundred thousand dollars worth of coverage to protect themselves in case on of the breadwinners would pass away. But an older couple, may just want to provide cash to pay off a credit card and finance a funeral. But nobody, young or old, should put off the search for life insurance because they fear the application process. Insurers want your business, and these days, they will certainly meet you half way to get it!
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