7 Reasons People Don't Have Life Insurance

7 Reasons People Don't Have Life Insurance

28th March 2017

There are many reasons people may believe they do not require life insurance. Maybe they consider themselves to be too young or too healthy, or it could be a case of simply not getting around to it yet. Here we take a look at some of those reasons and provide some insight those people may want to consider...

1. I'm Too Young

Life insurance is sometimes considered to be something needed for those in the twilight of their lives. If you are young you may not have considered that the worst could happen.

It may however be a savvy move to consider life insurance while you have youth and health on your side, to find a suitable policy with lower premiums that can provide cover for a longer period of time for your dependants. It may be worthwhile considering your aspirations for your family and how they could cope without you.

2. I'm Healthy

Perhaps your health isn't something which has affected your everyday life, but will this still be the case in five years? How about in ten? Life insurance is often not about the here and now, but more about long-term planning and ensuring you have cover to protect your loved ones should unexpected circumstances arise in the future.

3. I Have Sufficient Assets

Life insurance may seem unnecessary if you have assets that appear sufficient to cover any unforeseen circumstances. Life insurance on top of this may seem like a depletion of the current funds already available. However, not all of these assets may be liquid and easily convertible to money - such as property, shares in a business, etc.

Life insurance is a payout upon your death which can cover a period of waiting for your other assets to liquidate. But additionally it can help you to ensure your dependants have more than the sum of your assets to fall back on after you pass away.

4. It Costs Too Much

The combined costs of phone and car insurance, holidays, mortgages, rent and bills can really add up. Another cost on top of this could be considered by some to be one cost too many. However, the cost of life insurance is normally dependent on a number of factors such as your age, your health, whether you're a smoker and how much cover you wish to purchase. So when you consider other costs, life insurance can be a relatively low expense.

5. No Dependants

Having no dependants could mean there may be no financial fallout associated on death, so it may be an unnecessary expense. However, what if you become seriously ill, could you cope financially? You may want to consider critical illness cover.

Critical illness cover is designed to pay out a lump sum, which could be used to help pay off your mortgage or cover bills if you are diagnosed with a specified illness.*

6. One Day...

One excuse not to get life insurance today maybe because you are planning to do so tomorrow, or the next day or sometime after. One day you will get your life sorted. Why not make that day today?

7. You're Batman

Batman doesn't need life insurance, he's Batman. You are not Batman. Conclusion: you may, in fact, need life insurance.

Still not sure whether or not you need life insurance? At Compare Cover, we give you the tools to help find the right insurance policy for you, including our handy life insurance calculator. Try it today and find out how much cover you may need. Or find out more about critical illness cover.*

*Refer to Terms & conditions of the provider to see which specific illnesses are covered.

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