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Compared to car and homeowner’s insurance, life insurance usually gets the short end of the stick when consumers start looking at their coverage options. Despite the financial security that life insurance offers, there are several common reasons that people incorrectly believe to talk themselves out of the protection. Fortunately, the expert independent insurance agents at Albers Insurance Agency in Cincinnati, OH, have heard many of these reasons and can explain why they are wrong.

5 Reasons People Avoid Life Insurance When They Shouldn’t

1. They’re Healthy

life insuranceWhile thinking about your own death isn’t necessarily enjoyable, thinking about leaving your loved ones without financial security in the event of your passing can be even more unpleasant. Even if you’re healthy now, there is always the risk that could change—or that an accident may occur.

2. They’re Young

Many times, consumers believe that life insurance is just something reserved for those who are older. While it is certainly importantly to have life insurance in your later years, it can be more beneficial to get it when you’re younger.

For example, term life insurance can be a good option if you have a lot of financial obligations that are common in young adulthood—such as mortgages and child-rearing costs. In the matter of permanent life insurance, buying it when you’re young can lock you in at a lower rate and allow you to build cash value over time.

3. They Have Life Insurance Through Their Employer

Since you don’t have to pay for it, employer-sponsored life insurance can be a nice perk. However, these policies tend not to be very much and would barely cover costs that could follow your death. Similarly, these policies are usually only valid during the term of your employment, so the coverage may be temporary.

4. They Don’t Have Kids

The expense of raising a family is one that motivates many to get life insurance, but that doesn’t mean you don’t need it if you don’t have children. If you’re married, life insurance can help your spouse remain financially stable when your income disappears. If you’re not married, this coverage can help prevent your family members from having to take on the responsibility of existing debts.  

5. They Think It’s Not Affordable  

Due to the major benefits that life insurance offers, many consumers incorrectly believe that it is too expensive. However, these policies tend to cost much less per year than any other policy, such as auto insurance. You can also adjust your coverage amount to fit your budget.

Another common reason people avoid this type of coverage is that they think it’s more complex than it actually is. Fortunately, understanding these policies is easy when you have a good insurance agent to help. If you’re ready to explore options for life insurance in Cincinnati, OH, give the friendly team at Albers Insurance Agency a call at (513) 891-3304.

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