Unreasonable Excuses for not Buying Life Insurance

In the event of their untimely demise, some individuals possess enough money to support their families without buying life insurance. Unfortunately, many people cannot afford not to buy life insurance if they desire to replace their loss of income because of an early demise. However, some people avoid buying life insurance, even if they need additional life insurance to protect their families. But, the question is why do some people avoid buying life insurance? Some of their reasons for not buying life insurance are shocking.

Reasons for Not Buying Life Insurance

•   Scenario 1 – We have children, but I don’t want my spouse to prosper with someone else. During my years as a career agent, I heard the above mentioned excuse several times. In reality, this selfish individual is more concerned about his or her spouse’s future love interest as opposed to his or her family’s needs. Remember, groceries, school tuitions, and home repairs do not pay for themselves. As a result, the lost of a wage earner due to a premature demise can be detrimental to the household mentioned in this example.
• Scenario 2 – I have enough life insurance through work. Many individuals fail to analyze whether they have enough life insurance. If their job gives them a $50K term life insurance policy, they assume this amount will be adequate to replace their income for a year or two. However, they fail to realize that their spouse may be unable to work for several months, for dealing with the loss of a spouse can be devastating. Without carefully analyzing your life insurance needs, you could easily leave your family in financial despair, if you die prematurely. 
• Scenario 3 – I will buy life insurance when it becomes cheaper. I scratched my head when I heard this excuse. In general, the cost of insurance increases with age. As a person increases in age, there is a greater chance of death. In simple terms, your life expectancy decreases as you get older. You are not likely to find cheaper life insurance as you grow older.

Analysis

My list could have included twenty more examples. Unfortunately, some people come up with horrendous excuses for not buying life insurance. Not only are they wrong about their life insurance needs, but also their decision not to buy life insurance could force their family members into poverty.