By Mike Rowan, www.erollover.com
Don’t get too cheap! Please do not get rid of your Life Insurance to conserve cash! Life Insurance is not something that you should put off to save 40 or 50 bucks a month. Not having Life Insurance for your family is putting them at great possible financial peril.
Life Insurance is anything but an exciting thing to buy for most consumers. Yeah, I know, the recession is hurting everyone. While Wall Street has rebounded nicely, the rest of “Main Street” is still bogged down in the economic mess. As a result, increasing numbers of people are cancelling their life insurance policies in an attempt to save money.
Life Insurance Coverage is Cheaper than you Think You have all heard the life insurance commercials stating that for a few dollars a day, “You can get x amount of life insurance coverage”. Unlike the claims of many ads, this is most likely the case. A healthy person can usually get several times their annual salary for this amount.
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Most insurance is optional however, it is important to stop and think about whether spending a small amount on a monthly premium is better than the risk of paying out hundreds of thousands of dollars of your own money if anything were to happen to you.
Not Everyone Can Get Life Insurance Of course, Life Insurance does have stipulations which can make it a little bit tougher to obtain good coverage for some people. You may smoke, eat poorly, or not exercise, all of which can all lead to higher rates. Some people may have had cancer or some other disorder that prevents them from getting coverage at all.
I am not trying to scare you about getting life insurance. My point is that if you do not take the bull by the horns and secure coverage now, there is a good chance that it will be much more expensive in the future, or not even a possibility.
Your Family Needs your Life Insurance Wouldn’t you feel foolish if you let your coverage drop, or if you procrastinated getting coverage, only to find out that 6 months from now you do not qualify? These aren’t scare tactics. It happens every day to good people. The people who did not get the life insurance now have spouses and dependents who would not be able to maintain anywhere close to their standard of living if you were to die. The bottom line is that life insurance is a necessity if you have any dependents that rely on you financially.
If you really cannot afford life insurance there are steps you should take before cancelling any policy outright.
Shop around and compare like with like to find the best deal that you can for your circumstances.
You may want to review your current policy to see if you can reduce the death benefit.
You may be able to get better life insurance rates if your health has improved since you took out your old policy
The same life insurance policy that you currently have may be cheaper now. Term rates have come down quite a bit over the past few years.
Please, always keep in mind; there is no doubt that some life insurance is much better than having none at all.
