Top 5 Reasons Why People Don’t Buy Life Insurance (And Why They’re Wrong)

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1 in 4 UK breadwinners doesn't have life insurance according to a study held in 2016.

According to YouGov there are 18.4 million people without life insurance in the UK. That’s a possible 18.4 million families that could be affected finically if they lost a loved one.

 If your reading this article there is a good chance you don’t have Life Insurance and at some point, you may have said one of the following statements. Here at Quick Quote Protect we have put together the Top 5 Reasons Why People ‘Think’ They Don’t Need Life Insurance and why we think they are wrong.

1. I’m strong and healthy

It’s great that you are strong and healthy but nobody is immortal or indestructible. The truth is, now is probably the perfect time for you to get Life Insurance because your premiums would be low and affordable, this because of the fact your strong and healthy. If you were to become seriously ill or get injured, trying to get a policy then would be a lot more difficult and your premiums would be a lot higher.  

2. That is stuff for old people

We have all seen that advert with a famous interviewer telling people of a certain age that ‘they can get a free posh pen just for enquiring’. This is for most of us our first encounter with Life Insurance and for this reason, most of us will assume it’s for ‘old people’. The truth of the matter is, this is a very specific Life Insurance product. There are far more products for adults of working age with policies that would suit anyone’s needs.

3. It’s too expensive

We all have bills to pay, be that everyday household bills or student loans that need to be paid back. If you have a young family your budget is most likely even tighter. There a two key things to think about here; Life Insurance is commonly a lot cheaper than most people expect it to be, most premiums are cheaper than a daily cup of coffee. The other thing to think about is that if you’re on a tight budget now, what would happen if your family did lose its breadwinner?

4. I don’t have kids

It would be a lie if we said kids are not one of the main reasons most people get Life Insurance. But it’s not the only reason why you should get Life Insurance.  If someone depends on you finically then you should buy Life Insurance. This could be your partner, your parents, or your siblings. Life Insurance is about making sure everybody is okay if something were to happen to you.

5. Life insurance? I think I get it through work

A lot of people will be offered life insurance with their job but most of the time it wouldn’t be adequate for most people to support their loved ones if something did happen. Something else to think about is most likely the policy won’t follow you if you leave that place of work and by this time your premiums may have gone up because of your age and other factors.

 If any of this sounds daunting you can speak to one of our advisors now to see what options are best for you and you could start the process of setting up a policy.

If you just want to get some more information you can also call one of our advisors, they are experts in Life Insurance so if you want to know anything; from what kind of price you could pay monthly to help finding a policy that suits your needs, they will have the answers.