For instance, one of my neighbors is a attorney in his early thirties. He recently mentioned in a conversation that he switched his internet, phone and cable TV services with a new provider, and that he got a great deal on the combined package – he’s paying around $500 per month. That’s about $6000 per year that could be put to better use and invested in savings, protection planning or life insurance. I mentioned this to him, and his answer was that he can’t afford life insurance on his salary, and that it wasn’t a priority anyway.
I was reading an article in the Financial Times the other day, and it got me thinking about the current state of things in our country. The article was about the current economic struggles we as a nation are going through, and went in depth to explain how financial hardships are making people give up on things that they really shouldn’t be without. One of those essential things that a lot of people think they can’t afford anymore is life insurance. According to the article, the financial crisis has made countless Americans give up on their life insurance – so much in fact that there are currently over a hundred million uninsured adults in America. Just to put things in the perspective, that means that there is over thirty million people without even the basic life insurance more than there was only ten years ago.
So there are many reasons for this alarming figure, the biggest being the hard financial situation that so many Americans have found themselves in since the crises started. After all, with the economy is performing so poorly and since so many people have lost their jobs, everyone is cutting down on expenses and just trying to makes end meet. One of the factors that certainly contributes to the fact that so many Americans don’t have life insurance is lack of awareness. It’s obvious that consumers have adopted a new norm of behavior and spending, and some expenses that have been deemed essential just a short decade ago are now being viewed as optional, or even as something which is not really needed. Unfortunately, life insurance is among those things, and it seems that younger consumers are really not aware of the importance of investing in life insurance in young age. Let’s look over some of the reasons for this type of consumer behavior.
Are you one of them the above mention people? It is time to look for your nearest agent to review your life policy and if you still haven't have one policy yet, better start now before it is too late.