Why are People Afraid of Buying Life Insurance?

Life Insurance is such a thing which any person does not want to think or talk about. After building your dream home for your family, it is essential to purchase a suitable life insurance quote so that your loved and cared ones can stay in that home when you are no longer around to earn for them. Studies reveal that 93% of adults feel that life insurance is necessary, but among them only 63% have a policy. The more interesting fact is that half of those people having life insurance, are actually under-insured.

Insure Whizz informs you about some reasons which make people run away from life insurance.

Why are People Afraid of Buying Life Insurance

1. Cost: It may seem expensive for everyone to pay a monthly premium for all life insurance quotes throughout their lifetimes. But the policies which only provides coverage for funeral costs are generally low and quite affordable for people aged above 90.

2. Lose the Policy: The second fear that people have in their mind is that they the insurance company will deny to pay the due benefit by finding some vague reason. There are also instances of such incidents.

3. Contemplate the Future: Life insurance policy leads a person to think about their own mortality. However for people aged 75 it is more suitable as in that age people are more concerned about the needs of their family.

There are two basic types of life insurance – (i) Permanent life insurance which remains active until the policy gets matured or the holder surrenders it. (ii) Temporary, or term life insurance which provides coverage for a fixed period of time with renewal on 12 month basis. Other than these type of insurance there are also whole or ordinary life insurance, universal life insurance, adjustable life insurance and variable life insurance etc.There are also various types of life insurance quotes to provide financial support for recovery from any sort of serious illness and injury such as:-

1. Trauma insurance offers a huge amount for the diagnosis of a serious illness and also provides coverage for various types of illness and most commonly cancer and heart attack.

2. Couples insurance provides coverage for both the partners in a relationship by providing comprehensive protection and it also offers discount of 5 to 10% per person in case of having individual policies.

3. Family insurance which is particularly for the working person who tries heart and soul to provide financial security to his family after his/her death after diagnosis of a serious illness.

4. Group insurance is a perfect choice for those companies which does not have enough financial resources for supporting their employees who are suffering from prolonged illness.

Choosing a suitable life insurance is a very difficult process. Unless and until you have a clear concept about insurance, it is very difficult to choose which type of life insurance quotes best suits you. So, a person should obviously be concerned about getting life insurance.

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