Why the Phrase “I Need to Think About It” Costs More Than You Think
Buying life insurance is a big decision.
Especially if you’re indecisive.
When talking about life coverage, I often hear six familiar words.
“I need to think about it.”
That phrase reminds me of an old fable about a dog who finds a bone.
Pleased with himself, the good boy carries the bone to the water, where he sees his reflection.
Only he doesn’t know it’s his reflection. To him, he sees another dog with an even bigger bone.
Wanting to attack his adversary and steal his prize, the dog opens his mouth, only to let loose his bone into the water.
This is very much akin to prospects telling me they need to think about one of the biggest decisions they’ll ever make.
Life insurance hardly ever gets cheaper.
It only gets more expensive.
The older you get, and the more health problems you incur, the riskier you become for life insurers.
The lesson is to resist the urge to go without now for the promise of something better later.
Make a decision to get coverage now rather than later. You can always replace your policy later if something better comes along.
The Real Reason You’re Indecisive
A life insurance call with a licensed broker is a simple affair.
The broker will ask several questions related to your age, health, and circumstances.
Your broker will also ask about your beneficiary.
This is the family, friend, or other loved one you hope to protect with the tax-free income.
This individual should be top of mind when your broker discusses your life insurance options.
While life insurance never makes the loss of a loved one easier, it can ease stress during the grieving process.
When you tell your broker, “I want to think about it,” you tempt fate, and may end up leaving nothing to the one you love.
Whether you don’t like to be sold to, or you want to shop around, you risk being like the dog who lost his bone for want of something better.
The Primary Reasons for Indecision
If you’ve read this far, and you’re still not ready to buy life insurance, it’s probably due to three reasons.
You don’t have enough information:
If you still have questions, ask your broker. He or she cannot read your mind. You should only decide on a life policy once you have all the facts.
You need a second opinion
Is there another decision maker, such as your spouse or children? Get them on the phone with the broker. Let the licensed agent explain the pros and cons, and translate the fine print, so that you can ultimately make a life insurance decision that benefits everyone involved.
You don’t like saying no
It’s common for people to say one thing and mean another, such as, “I want to think about it,” when you really mean, “I’m not interested.” As life agents, we have no desire to talk to people who aren’t interested in our products. We are here to help families like yours. Brokers have a fiduciary duty to be honest with you regarding policies and premiums. All we ask is honesty in return.
Ready to Make a Decision?
In closing, don’t be like the dog who sees his reflection.
Seize the opportunity to buy life insurance now.
You can always replace it later if something better comes along.
When it comes to life coverage, I’m reminded of this adage:
It’s better to have and not need, then need and not have.
By delaying your decision to buy life insurance, you’ll rarely find better.
You’re only more likely to go without.
