8 Reasons NOT to Get Life Insurance

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Ever wondered why you should avoid life insurance?! Here’s the truth:

1 – It’s so expensive!

The argument

Why would you get life cover when the monthly premiums are so high? I mean, I haven’t actually got a life insurance quote so I’m not really completely sure, but they’re big, right? Really big. Too much to afford.

The truth

Life insurance policies are actually very cheap – especially if you are young and healthy! For cover that is ten times your salary (yes, that’s right, £200,000 cover if you earn £20,000) you could pick up life insurance for as little as a tenner a month.

To put that into perspective, that’s the price of three coffees, only a little more than your Netflix or Amazon Prime TV subscription, or less than the average cost of two takeaway sandwich lunches.

Ten pounds per month!

Of course, if you want a lot more cover, and whether or not you smoke or are overweight, it might be a little more - but not by too much.

Why not give us a quick call and get an accurate quote – you’ll be surprised!

2 – Term insurance is just throwing money away

The argument

Get term insurance and all you are doing is paying someone money every month for nothing. Once the term ends you get nothing, and all that money might as well have been thrown down the drain.

The truth

If you outlive your insurance term, you win (unless you think passing away early is a better win). Yes, it is true that if you live beyond that term you will not see any financial return on your money, but the peace of mind you have lived throughout those years is worth way more than the cost of the premiums.

And imagine how your family would have struggled if you didn’t have any insurance and the worst had happened?

3 – Life insurance doesn’t pay out anyway

The argument

Life insurance companies don’t want to pay out and will find everything they can to wiggle out of it.

The truth

Life insurance companies are determined to pay out in every case that isn’t fraudulent. No one wants to see your family suffer more than they already are, and the reputation of an insurance company is integral to their business – it’s important not to damage it by pettily arguing over a single claim.

Over 97% of life insurance claims are paid out in full, and of the 3% that aren’t – the vast majority of them are due to a fraudulent application in the first place.

For example, a policyholder who declares at the start of the life insurance application that they are a non-smoker, but in fact, they are (were) a smoker and died as a result. In this situation, the payout would be refused due to providing incorrect information in the first place. Never lie!

4 – I’m single so there’s no need for life insurance

The argument

Without a family or any dependants, there’s no one to use the money anyway. My parents are financially stable.

The truth

It is sad and very unfortunate, but the costs associated with a death – even that of a single person, can be a significant burden for anyone having to shoulder them. Getting life insurance for your parents’ sake may be one of the kinder things you have done for them.

If you are young, level term life assurance is cheap and will prevent your loved ones from suffering significant financial trouble upon your death, whether it is for funeral costs or the administrative outgoings in managing the possessions (estate) you left behind.

5 – Life insurance is only really there for people with a mortgage

The argument

Life insurance is just a form of mortgage protection and isn’t needed if you are renting.

The truth

Even if you rent, your family has costs that they need to cover (including that rent every month!). Losing one of the breadwinners will put a massive level of stress and worry on those that are left behind. It is unfortunately all too easy to slip into debt while grieving, hoping that the financial problems will just go away while you try to adjust.

While decreasing term assurance is designed to clear a mortgage, level term and whole of life policies are there to help leave your family with a significant sum on your passing, while family benefit policies will provide further help by replicating the money you were bringing in each month.

You can even take out joint life insurance to make sure that both you and your partner or spouse are covered in equal measure.

6 – If I get ill, life insurance doesn’t help me

The argument

Life insurance only pays out when I die, so my money is tied up if I get a terminal illness and I may be left struggling for years.

The truth

Many life insurance policies have built-in cover to provide support if you were to fall ill or become injured.

Plus, getting dedicated critical illness cover is an option that can be added to almost every policy.

Life insurance isn’t just about a single payout upon death – it is about peace of mind throughout your life.

7 – My application will be rejected anyway

The argument

I’m too old, I’ve spent too much time smoking since I was young, and have poor health – no life insurance broker is even going to speak with me!

The truth

Over 50s life insurance is a special type of policy which comes with a guaranteed acceptance and no invasive medical questionnaire. Getting a life insurance policy is available for everyone – why not give us a call and find out how we can help you?

8 – Life insurance is just gambling with my life

The argument

It’s a dice game where I’m paying to play, and I only win if I lose!

The truth

It is a gamble, but it’s not you doing the gambling! Life insurance companies are the ones risking the high stakes, and they are doing it so that your family can have the reassurance that definitive financial support can offer. And both you and the insurance company are on the same side – every new morning they hope you have a happy healthy day, just like you do.

OK, you’ve won me over. Should I get life insurance?

Of course you should! Having the peace of mind that a life insurance policy will bring you takes a huge worry away – a worry that you might not even realise is there until it is lifted.

Life insurance is something that should be considered by everyone across the UK, no matter your financial status, age or the size of your family. With an array of policies that can be tailored to your very specific situation, our friendly experts at Quick Quote Protect will be able to create a package for you that perfectly fits your lifestyle.

From simple single-person policies for the young, which provide strong compensation for a minimal monthly premium payment, to heavy-duty full family policies with critical illness cover for you and your children, we can find the right insurance provider and policy to fit.

Give us a call today or fill in our contact form to have an experienced advisor call you back at a convenient time.