People can no longer make excuses for why they aren’t purchasing life insurance. According to the 2021 Insurance Barometer Study, those who are uninsured appear to want more freedom in the life insurance process, 46% indicate that they haven’t been approached about it, 42% aren’t offered it through their employer, and 62% haven’t gotten around to it. These are just some of the many reasons why they don’t have coverage.
But this the COVID-19 pandemic getting life insurance has never been simpler. Plus, data shows that those who purchase life insurance don’t regret their discussion. 39% of them say they regret not buying it earlier, and they wished they’d purchased it at a younger age.
Interest in life insurance is at an all-time high now. Currently, more than half of people who don’t have life insurance say they need it. Here are the top five reasons for not having it:
- 81% say it’s too expensive
- 75% say they have other financial priorities at the moment
- 65% are not sure how much they need or what type to buy
- 62% just haven’t gotten around to it
- 51% of people don’t like thinking about death
Results reveal that the barriers stopping the uninsured from purchasing life insurance shouldn’t prevent them from getting it. Here’s why.
One of the biggest myths around life insurance is that it’s expensive. But more than half of people overestimated the cost of a term life insurance policy.
Another myth is that it’s challenging to obtain life insurance. In the past year, in response to the pandemic, life insurance companies have helped consumers expedite buying insurance directly from their homes online.
COVID-19 has changed the financial concerns and priorities of all Americans. Research has shown that 42% of Americans would face financial hardship within six months if the primary breadwinner were to die unexpectedly. This emphasizes how crucial life insurance coverage is in protecting a family’s financial future. Life insurance can be a source of security.
Cosmo Insurance Agency is a full-service independent insurance agency based in Hackensack (Bergen County) and Lakewood (Ocean County), New Jersey that offers an all-encompassing range of insurance options for both individuals and businesses. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating our knowledge of the insurance guidelines for healthcare, employee benefits, life insurance, self-insurance, dental, disability, and long term care insurance, we keep our clients up-to-date with affordable plans that cover all their specific insurance needs.