For many, insurance policies are a rather empty investment. You pay a policy rate every month in case you’re involved with an accident. A lot of “If’s” surround the question of insurance and many individuals grudgingly part with their hard earned dollars to buy peace of mind.
With the growing popularity of insurance, insurance companies appear to have rather deep pockets at the expense of policy-holders. Statistically, only about 4% of all Term life insurance policies actually pay-out the death benefit, meanwhile, 96% could have utilized the money in a more entertaining fashion.
So why do consumers continue to purchase a product where their funds vanish forever into sales numbers nearing the $600 billion mark?
Put simply, we are inundated with images of death, destruction, and loss through multiple channels of media. Who can forget the images of 9-11 ensconced in minds around the world or the Oklahoma city bombings. In a world where terrorism has replaced the old fears spurred by the Cold War, life’s precarious uncertainties require individuals to take action in an effort to preserve the financial lifestyles we’ve created.
In recent years, studies have shown the rising levels of cancer and the emergence of highly contagious strains of old diseases affecting thousands. With our new technology age, unknown health conditions related to increased electron or energy related devices, loom heavily in the minds of many. Reports of tainted food and chemically contaminated foreign imports, has tested the concept of quality in today’s marketplace, causing angst, distrust, and fear. More ways to die have been identified in the past 40 years than any other period in our history.
What are you willing to spend to capture the peace of mind Life Insurance offers? How much do you have at stake in a world that will continue beyond your passing? Increased awareness combined with historical events decide the life insurance dilemma for many, as we all know no one is immune to mortality.