Consumer Rules with Robyn: How to decide on your life insurance options

SALT LAKE CITY — What do your car, home and health care have in common?
 
Hopefully, they’re all covered by insurance.
 
Many hesitate to think about life insurance the same way.
 
“You can never factor out chance,” said 33-year-old Travis McRae. “Every time you leave your front door, every time you get into a car, there’s always a slight possibility of something happening.”
 
Although he is young, McRae secured his life insurance policy a couple of years ago.
 
“I actually lost my parents back in 2015, and I’ve kind of seen the good and the bad with life insurance,” said McRae. “Now I have my own family and two kids. It’s a no-brainer to get the insurance.”
 
According to the Life Insurance Marketing and Research Association (LIMRA), almost a quarter of Americans say they haven’t purchased life insurance because they don’t know how much they need or what type to buy.
 
One in 10 Americans believe they would not qualify for insurance.
 
That’s something South Jordan insurance agent Paige Wilkinson hears all the time.
 
“People think that it’s going to be extremely expensive or maybe they simply don’t need it at a younger age,” she said. “Sometimes we get people that come in as well and they feel like they can get it later down the road. I always say the best time to get a life insurance policy is today, because you truly don’t know what’s going to happen tomorrow.”
 
LIMRA’s research also shows 70% of consumers either have or are looking for a financial professional to help them with their finances.
 
Wilkinson says talking to an agent is an easy way to assess what’s best for you.
 
“We ultimately look at what kind of debts you have and what your goals are for the future, what your family goals are,” said Wilkinson. “It does help cover things that could happen in the event of a tragedy. We really try to look beyond just today and try to identify what goals people have.”
 
She contends that even starting with a little bit is better than nothing.
 
Something that’s most affordable for you can go a long way for the cost of less than a coffee a day.
 
“I think for me, life insurance isn’t about the money — it’s more about love and responsibility,” said McRae. “If anything were to happen to me, it’s more security for my family.”
 
There’s more than one reason life insurance could be a good bet for your family. From covering your burial and final expenses, to helping replace your income when you’re no longer here or paying off a mortgage.
 
It all starts with a conversation with your insurance agent about what your family needs.