#1) Life Insurance is too expensive – FICTION!
Most People Overestimate the Cost of Life Insurance. Half of Americans overestimate life insurance to be more than three times the actual cost! And according to the Insurance Barometer Study, 44% of Millennials estimate the cost of a $250,000 20-year term policy for a healthy 30-year-old at more than $1,000 per year.* But it’s closer to $149 per year.** The truth is, it could be easier to add life insurance to your budget than you might think.
*2021 Insurance Barometer Study, Life Happens and LIMRA
**For a $250,000 20-year OPTerm Life Insurance policy for a 30-year-old male at a super select rate from Banner Life Insurance
#2) My coverage through my employer is enough – FICTION!
Your work place coverage may not be enough. Life insurance through your work is a great benefit, but it might not be enough to give your loved ones long-term financial protection if you were to pass away. The median life insurance death benefit offered by an employer is either a flat sum of $20,000 or one year’s salary. However, more than half of U.S. households rely on two incomes. The truth is, most financial advisors recommend you have enough life insurance to cover 10-15 times your base salary.*
*2021 Insurance Barometer Study, Life Happens and LIMRA
RAM GROUP and its agents are not licensed financial advisors and cannot give financial advice.
#3) I am young and healthy and single and don’t need it – FICTION!
Now is actually the best time to purchase life insurance. When you’re young, single and pursuing your dreams, life insurance might be the last thing on your mind. But the truth is, getting life insurance when you’re young and healthy can be a smart financial move –– it can cost significantly less! According to a recent study, nearly half of people who got life insurance later in life wish they would have purchased their policies at a younger age.*
*2021 Insurance Barometer Study, Life Happens and LIMRA
#4) Life Insurance is too confusing and I am too busy to learn – FICTION!
It is probably WAY easier than you think! If you think you don’t have time to buy life insurance because you think it’s too complicated, you’re not alone. More than half of those without life insurance admit they’re unsure what type of policy they would need or how much coverage to buy, while 36% believe they wouldn’t even qualify for coverage.* The truth is, life insurance doesn’t need to be difficult –– and most people can qualify for coverage. American Family Life Insurance Company offers some policies with a simplified application process, and our agents are here to help every step of the way.
*2021 Insurance Barometer Studies, Life Happens and LIMRA
#5) It is fine to keep putting it off, nothing is going to happen – FICTION!
Properly preparing now can help protect against many unforeseen happenings and protect one’s financial future. Nearly 60% of those without life insurance say they need it, while almost half of all Millennials say they plan to buy life insurance within the next 12 months.* Life is always changing. That’s why planning ahead with a life insurance policy is a smart move that’ll give you peace of mind while helping protect your loved ones’ financial future. The truth is, today is a great day to start – contact your agent to learn about your options and get a quick quote.
*2021 Insurance Barometer Study, Life Happens and LIMRA
#6) Most people do not have, or own, their own policy – FICTION!
We are not sure where this fictitious rumor started but it couldn’t be further from the truth. You might be surprised to learn that most people who have life insurance have an individual life insurance policy to help financially protect their loved ones. In fact, of all the people who have life insurance in the United States, 73% have an individual policy!*
*2020 Insurance Barometer Study, Life Happens and LIMRA
Start asking your clients about life insurance today, if you don’t another agent will! Contact the RAM GROUP to help get started today!