Only about half of the UK population has any life insurance coverage, according to Swiss Re, one of the biggest insurers on earth. Why are fewer people purchasing life insurance these days?
One easy answer is that life is a heck of a lot safer than it was in the past. Global wars, pandemics, and poverty are increasingly rare, at least in First World Nations. Add to that the fact that people are living longer than they ever have before. The average life expectancy for a child born in the UK today is nearly 80!
And because people are natural procrastinators, they always think they have time. But insurance coverage was not designed for little old men and women who pass away silently in their sleep at 80. It was created to cover accidental deaths and Forex Trading.
Nobody likes to hear about it, but fatal accidents happen every day. People get hit by cars, stuck by lightning, and fall down the stairs. We used the struck by lightning example to illustrate that dying in these accidents is incredibly rare. And that is all the more reason to purchase a life insurance policy.
You see, because accidental deaths are rare, people can purchase sizable policies for less than their monthly phone bill. Of course, the odds are that you will not die in a terrible accident. But if you do, a life insurance policy will help your family carry on after you are gone.