Regardless of age or health, most people can benefit from having a life insurance policy. However, there are still numerous households that aren’t financially prepared for the death of a loved one. For many, it’s easy to put off buying this type of coverage because they think there will be plenty of time to take care of it eventually, but the truth is no one knows when tragedy may strike. Below is some further insight into why such a large percentage of the population chooses to go without life insurance, and how this can end up causing their dependents significant financial burden. 

Why Life Insurance Often Goes Overlooked 

Reasons More People Don’t Buy Life Insurance 

Cost is one of the most common excuses people give for hesitating to buy life insurance. Other expenses typically take priority, and once student loans, car payments, and childcare come out of the budget, they feel there isn’t enough left to pay a life insurance premium as well. In other instances, people place more value on vacations, shopping, and entertainment than coverage. In reality, life insurance is not nearly as expensive as many think. Additionally, this kind of coverage is often believed to be only for the elderly and those in poor health. The truth is, there is no better time to get a policy than when a person is young and healthy, as they will be able to lock in the lowest rates. 

How Not Having Adequate Coverage Can Result in Financial Hardship

Although there isn’t any requirement to buy life insurance, not doing so could place your loved ones in a tough financial situation. A policy’s payout can be used to cover a variety of expenses that would otherwise be challenging or impossible for your family to pay after the loss of your income. Not only will it provide the funds they need to maintain the same standard of living, but it can also help pay for things like your funeral and burial costs, any outstanding debts you still owe, and your children’s college education.

Life insurance plays an integral role in making sure the loved ones you leave behind upon your death will remain financially supported. If you have been on the fence about purchasing a policy, consult Craig Giovani State Farm® Insurance Agent about why this is an important investment. As a representative of one of the industry’s leading brand names, he is committed to providing Mebane, NC, residents with quality products and services. He will take the time to analyze your unique circumstances and find the life insurance coverage most suitable to your needs and budget. Call (919) 300-5911 to inquire about a quote, or follow him on Facebook for more valuable information.