Life insurance is usually not a favorite discussion topic for most people. Who wants to think about what life would be like when you (or your loved ones) are no longer in the picture? Apprehension over life insurance rates, coverage and need are very common for most people. But planning for the future as a responsible adult should include speaking with a life insurance advisor to help understand the benefits.
The reality is, planning for the coverage needed to assist loved ones after your passing can be comforting. Knowing that loved ones will not be forced to deal with an unnecessary financial burden can provide a sense of relief.
Overestimating the Cost of Life Insurance
Most Americans don't purchase life insurance simply because they think it costs too much. LIMRA recently released its Insurance Barometer Study, which showed that 80 percent of consumers misjudge the cost of term life insurance and Millennials tended to overestimate the cost by as much as 213 percent. This illustrates that most consumers think that life insurance is much more expensive than it really is.