As we’ve discussed previously, the #1 reason why people who don’t have life insurance fail to purchase it isn’t that they don’t think it’s wise or that their family wouldn’t benefit: It’s because they don’t think they can afford it.
For many, thinking they can’t afford life insurance is a misconception, and it’s likely based on two underlying falsehoods. First, many non-insured people have an inflated concept of how much life insurance actually costs. (For a realistic view, check out this online calculator or the app.) Second, most Americans have a false perception of what they need along with a lack of financial discipline.
In this post we’ll be considering a few potential underlying causes of overspending. [Read more…]