As of 2012 the U.S. Census Bureau reported that 48 million Americans had no health insurance. About 30% of U.S. households have no life insurance, according to LIMRA, a worldwide research and consulting organization for insurance and financial services.
It has been found that in many cases, consumers don’t buy insurance because they think it’s out of their budget. Often, that’s not the case, according to Marvin Feldman, president and CEO of the LIFE Foundation, a nonprofit organization that educates consumers about financial planning and insurance.
The LIFE Foundation collaborated with LIMRA on the 2013 Insurance Barometer Study, which found that the average consumer thinks life insurance is three times more expensive than it actually is. “Consumers are not researching it to determine what the cost is,” Feldman says.
When buying either health insurance or property and casualty insurance, the consumer should ask about potential discounts. “Two-thirds of consumers don’t realize they can get financial help if they buy their own health insurance and they can get financial help if they go and buy in these health insurance marketplaces,” says Lynn Quincy, senior policy analyst with Consumers Union, a division of Consumer Reports. “You may be way overpaying if you don’t investigate this possibility.”
While health insurance discounts are often income-based, homeowners and auto insurers offer discounts for everything from being a member of groups like AARP, to being a good student or a good driver, to having a home security system.
Don’t let yourself get caught short just because you weren’t sure of the facts. Contact an independent insurance agent and get the help you need in figuring it all out!