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I know I should have life insurance, but…

Posted October 22, 2014 in Advice Column, Bondurant

Fifty percent of U.S. households (58 million) say they need more life insurance. However, only eight percent of consumers say they are very/extremely likely to purchase life insurance in the next year.1

Life insurance can protect your loved ones from many kinds of financial hardship upon your death. It can also provide benefits while you’re living. What’s holding you back?

• I can’t afford it. How much would you estimate a 20-year, $250,000 level-term life insurance policy for a healthy 30-year-old male costs? When LIMRA asked consumers this question, they often estimated about $400. The actual cost is roughly $150. Life insurance doesn’t have to be expensive. A term life policy can offer affordable protection for a set length of time, typically 15, 20 or 30 years.

• I just haven’t gotten around to it. It’s often a life event that prompts consumers to purchase life insurance — marriage, new baby, buying a house, etc. If you’ve recently experienced a significant life event, make time to purchase life insurance. If you already own a policy, it’s also a good idea to review and make necessary adjustments. A simple conversation with your agent can help you adjust to your new change with the peace of mind that your loved ones are protected if the unexpected were to happen.

• I don’t think I’ll qualify because of my health. When it comes to life insurance, your health does play a role in options and availability. However, there are some policies that do not require a health exam. Before discounting yourself, talk to your agent about what options may exist for you.

 • I’m young and healthy and don’t think it’s really important right now. Disposable income can be limited when you’re young, making a life insurance policy seem like an unneeded expense. But did you know rates are lowest when you’re young and healthy? Securing a policy while you’re young can save you money on premiums later in life and keep you protected.

The reasons for purchasing a life insurance policy today are many. Don’t hold back. Contact your local agent for help choosing a policy to fit your needs and your budget.

1LIMRA’s Facts About Life 2013, viewed Aug. 2, 2013

Securities & services offered through FBL Marketing Services, LLC+, 5400 University Ave., West Des Moines, IA 50266, 877/860-2904, Member SIPC. Farm Bureau Property & Casualty Insurance Company+*, Western Agricultural Insurance Company+*, Farm Bureau Life Insurance Company+*/West Des Moines, IA. +Affiliates *Company providers of Farm Bureau Financial Services.

Information provided by Craig McCoid, Farm Bureau agent, 14 Main St. S.E., Bondurant, 515-957-0533, Craig.mccoid@fbfs.com.

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