Don’t Let Fear Stop You From Having This Critical Conversation

Oct 13 2010

Don’t Let Fear Stop You From Having This Critical Conversation

Posted by Lachlan Bethel in Life Insurance

While a solid majority of couples (62%) say that life insurance is more important to them now than it was just two years ago when the economic downturn began, 74% say they rarely or never discuss it, according to a new survey by State Farm. This is mainly due to the economic pressure of meeting daily household needs as well as a reluctance to bring up the topic of an untimely death with ones spouse or partner.

There is never a good time to talk about death or planning for it, but avoiding the subject can prove devastating in the event of a premature death. And according to LIMRA, a half a million people in the prime of their life do die prematurely each year.

The survey also showed that primary income earners find it especially difficult to bring up, and some said talking about life insurance could cause partners to react negatively. Nearly half of the respondents said bringing up the need for life insurance when a partner loses a job could worsen feelings throughout the family. This may be true, but think of how much worse it would be if the primary income earner dies with no life insurance. Once this person is gone, there is no opportunity to replace the income.

State Farm also found that women are more reluctant to discuss becoming the sole breadwinner, with 64% saying it would be too stressful to initiate a conversation about the topic with their spouse, while only 47% of the men said they would find the topic too difficult to bring up.

LIMRA just revealed that nearly one-third of U.S. households have no life insurance at all with the uninsured level at its highest rate in the past 40 yearsmore than 68 million Americans.

LIMRA researchers also found that cost is a significant factor in the decision not to buy life insurance. This shows there is a major misconception as to the cost of life insurance. The truth: It is less expensive today than ever. A 40-year-old male in excellent health can purchase a 20-year term life insurance policy with $500,000 of coverage for under $500 per year. Thats less than $10 a week. Is that too expensive? For a 40-year-old female, the same coverage is only $425 per year.

Cost is not a factor, but the possibility of dying too soon is a reality. Start your planning today. Begin by exploring this information about life insurancehow much you might need, what types are available, and how to purchase it.

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