INSURE YOUR PHONE, BUT NOT YOUR LIFE?Submitted by Retirement Choices of California on December 21st, 2018
Let’s talk about that for a moment. In our fast paced digital world we live in, when did our devices start ruling our lives? Do we truly value electronics more than ourselves? As I shopped around for a new mobile phone, I had to ask myself this question.
I recently spent my precious Saturday morning picking out a new mobile phone, waiting in line to speak to a sales rep to update my contract, while hoping to get out the door in some relatively reasonable time frame. Then the question came, “would you like the comprehensive insurance package (for your state of the art phone that you are now on a two year monthly payment plan for)?”
What to do?
In my case, it was an easy decision to pass with my saver mentality (despite the fact that I have two children under the age of five with sticky fingers and a penchant for scurrying off with my phone to look at photos).
Well, the good news is that according to a Consumer Reports Survey on smartphone insurance, only 15% of respondents suffered serious damage to their phones, and just 2% had a phone lost or stolen. So based on those stats I was in good company.
What baffles me is that we are so programmed to insure our stuff: homes, cars, belongings, phones, but not ourselves and the financial futures of those who depend on us. When it comes to ourselves and protecting our loved ones with life insurance, 6 in 10 people say they do not buy life insurance because they have other financial priorities, according to the 2018 Insurance Barometer Study by LIMRA.
Many people overestimate the cost of life insurance. In fact, when asked how much a $250,000 term life insurance policy would cost for a healthy 30-year-old, the average guesstimate was more than twice the actual cost, according to the Insurance Barometer Study by LIMRA.
While the failing performance of a smartphone is a good reminder that it’s time for an upgrade, here are 10 good reasons to have a life checkup and review your life insurance needs. When it comes to protecting your loved ones, be as intentional about evaluating and upgrading your life insurance as you are about the latest smartphone.