7 Most Common Excuses For Not Buying Term Insurance

7 Most Common Excuses For Not Buying Term Insurance

Term insurance coverage can turn out to be an invaluable gift to protect your loved ones’ future. Buying a term insurance plan is considered the safest step to secure your family. However, we often hear that people, due to several reasons, tend to put off buying a term plan. Term insurance does cost decent money but is quite helpful too. Let us look at some of the most common excuses that people make to avoid buying a term insurance plan.

Term Insurance Plan is Too Expensive

  • Of course, term insurance costs a good amount of money. However, it is nothing compared to the huge sum of money that may cost you and your loved ones if you choose not to carry a term plan.
  • The market today offers a variety of inexpensive plans.
  • One of the main term insurance benefits when compared to other policies, is that it is relatively cheaper. All policies have benefits and risks attached to them.
  • One can always choose to opt for a term plan according to their budget for the family’s protection.

We Will Get It at a Later Stage Eventually

  • When it comes to protecting the family, there is no better time than now.
  • Premium costs rise with age. Hence, it is best to buy term coverage while we are healthy and young.
  • The premium cost will remain constant till the term plan ends.
  • With life being uncertain, we never know what is going to happen next.
  • It is a wise decision to start early while you still can, rather than wait for adversities to knock on your door and then take a reactive step.

I am Safely Covered Through a Policy by My Employer

  • Several companies cover their workforce under a health insurance policy. However, while changing employers, one cannot shift or transfer the existing policy as it is limited to the time of employment in the current company
  • One should be thoroughly aware of the details and coverage of the employer’s policy
  • Often, coverage provided under company insurance does not suffice for the family; term plans will fulfil this requirement

We are Afraid to Make the Wrong Choice

  • There is a certain mindset that choosing a term plan can be quite stressful and draining
  • People are scared to make investments as they lack proper information
  • However, nowadays, it is quite convenient as people can compare policies online as per their needs and requirements
  • Agents are available to respond to queries in both online and offline processes
  • Agents help to suggest policies based on one’s budget; they provide the facility of using a term insurance calculator to work out the best policy for you
  • This term insurance calculator also helps to deduce the approximate premium to be paid on yearly basis

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I am Going to Live Longer as I am Still Quite Young!

  • Being hopeful and positive is a good thing, but being cautious and proactive is wise. Who would want to take a chance in the matter of living, right?
  • Regardless of age, there is a possibility of an accident, contracting a disease or any similar ailment at any given point in time
  • If, for instance, you are the sole earning member of the family who unfortunately met with an accident and is no more. What would happen to your family? Where will your kids go for help? Term plans will come to the rescue under such circumstances

We Have Less Awareness While Choosing Coverage

  • Every person’s needs are different. It is recommended to opt for a policy that offers 10 times the total value of your needs
  • Considering the number of dependents and their needs, one should get a fair idea and use a term insurance calculator to understand investments and the premium to be paid
  • One can get a decent idea about the coverage using this term insurance calculator as it provides with an estimate

When Should I Opt For Term Insurance?

  • The answer is quite simple—the sooner, the better
  • Keeping ourselves safe and protected aligns with a safe future for us and our loved ones