Rick Blaser, Wealth Management Director at Hartford Life, believes the fundamental problem is that many people don’t fully understand and appreciate the value of their life insurance policy.

“They can’t afford to pay the premiums and they don’t understand why they have it,” Blaser says. “They feel they are losing money by continuing to pay the premiums.”

There are alternatives to canceling your policy if you want to save some money. For instance, Clauson advises trying to simplify your policy or getting group coverage through work.

“If folks can’t afford coverage, they can call the company to reduce the cost in order to maintain some coverage,” Clauson says. “They should really talk to a [life insurance] agent to help them assess your needs and make some recommendations.”

For help purchasing life insurance, look at this list of top ten question from New York State.

This article was originally published by Life Quotes, Inc.

Pages: 1 2