Life Insurance: I Need it, but … I Have Concerns!

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Sharing financial tips on how to save and spend money the right way is my passion. With the Covid19 Pandemic, we should also address how to protect our financial legacy through life insurance. Most people don’t like talking about this topic, but we’re grown! So, let’s talk about it.

Here are seven concerns most people have about life insurance.

Concern #1: It’s Too Expensive. 

Many people are dealing with limited funds, and there are so many different types of coverages. However, a budget-friendly option for coverage is term life insurance. You can get a significant amount of coverage for a specific timeframe, like 10, 20, or 30 years. Monthly premiums for term life insurance can be less than the average consumer’s monthly dining out check or bar tab. Don’t judge.

Concern #2: I Have a Pre-Existing Condition. I’m not going to qualify. 

Facts: You don’t just buy life insurance; you must qualify for life insurance.

Many life insurance agencies may disqualify due to pre-existing conditions, but that should not stop you from applying for coverage.

Confession: I have Type 2 Diabetes and Hypertension. One of my concerns was being able to find additional coverage because of these health issues. I found a life insurance option that considers those with health concerns.

Concern #3: I have that coverage at work. 

The Covid19 Pandemic has shown that if we solely rely on life insurance at work, we can lose it because of business closure or employee benefits reduction. Instead of allowing your employer to control whether or not you have coverage, having life insurance outside of your employer means you control your coverage.

Having coverage at work should be a complemental coverage to what you already have in place.

Concern #4: I Don’t Know Enough to Make a Decision.

Most consumers don’t know the ins and outs of life insurance. As a former Licensed Life Insurance Agent, I am always looking for resources and options to educate people about personal finance, legacy protection, and wealth building. One of those resources is an organization “backed by leading investors, including investment funds of Jay-Z, Will Smith, Kevin Durant, Robert Downey, Jr., and others,” called ETHOS.

Ethos makes life insurance more accessible and affordable for the average consumer. Their website also provides a significant amount of information to help consumers make the right financial decision for them and their families.

Concern #5: I Don’t Want to Deal with a Salesperson.

Some consumers want to get coverage but don’t know an agent that they trust. Ethos is “designed so that you can apply for life insurance the way you want.” Their online application makes it easy to apply. Speaking with a licensed representative is also available by phone or chat. Ethos also has a premium estimate tool so you can see how much the premiums may cost and how it can fit in your budget or spending plan.

Concern #6: It’s Only a Death Benefit. How Will I Benefit from That?

Sometimes, we get so caught up in talking about the death benefit for the beneficiaries that we forget to address the Life Benefit of Life Insurance. An Accelerated Death Benefit Rider (additional benefit added to policy) “provides the insured with the ability to access a portion of the policy proceeds while still living in the event the insured has been diagnosed with a terminal illness.” 

Concern #7: I’m Too Young or Too Old to Get Life Insurance.

The reality is, “Everyone dies, and dying is NOT free!” – Courtney Richardson.

Whether a healthy 20-year-old or up to a 65-year-old with health concerns, it is crucial to have life insurance to pay for final expenses and to protect the family’s financial stability.

Regardless of the concerns, getting coverage will help to ensure death’s financial burden does not impact your family. So, let’s get covered so we can focus on living a happy life.

To learn more about Term Life Insurance, visit ethoslife.com.