It’s easy to tell yourself life insurance can wait — that it “won’t happen to me” or that it’s “too expensive.” But the reality is that protecting a family’s financial future is often simpler and more affordable than many people expect.
Kiruba Shankar Eswaran, CEO of Eleos Life, joined “We Are Austin” to break down why so many people delay getting coverage, what families should understand about the limits of government safety nets, and how to find an option that fits a budget.
Kiruba Shankar Eswaran, CEO of Eleos Life, joined “We Are Austin” to break down why so many people delay getting coverage, what families should understand about the limits of government safety nets, and how to find an option that fits a budget.
Why People Delay Buying Life Insurance
According to Eswaran, there are three common reasons people wait to purchase life insurance.
The first is cost.
“People think it is expensive,” Eswaran said. “In reality, it is not. People overestimate it by three or four times more than what it actually is.”
The second is what he describes as choice paralysis.
With options like term life and whole life insurance, many consumers become overwhelmed trying to determine which policy best fits their needs.
Finally, there’s what experts call optimism bias.
“People think they’re healthy,” Eswaran said. “They think it won’t happen to them.”
Government Benefits May Not Be Enough
Some families assume Social Security survivor benefits will provide enough financial support after the loss of a loved one.
The reality, according to Eswaran, is that those benefits are often limited and may not be enough to replace lost income or maintain a household’s lifestyle.
That’s why financial planning experts encourage families to have their own protection plan in place.
Kiruba Shankar Eswaran, CEO of Eleos Life, joined “We Are Austin” to break down why so many people delay getting coverage, what families should understand about the limits of government safety nets, and how to find an option that fits a budget.
Who Should Consider Life Insurance?
Life insurance isn’t just for homeowners or high-income earners.
Eswaran says it can benefit anyone whose household depends on their income.
“Anyone who earns an income and the household relies on that income,” he said.
He also emphasized that caregivers, including stay-at-home parents, should be considered.
“If they’re not in the equation, you need to pay for someone to take care of the kids,” Eswaran explained.
Starting With Term Life Insurance
For families concerned about affordability, Eswaran recommends exploring term life insurance as a starting point.
Term policies generally provide coverage for a set period and typically cost significantly less than permanent life insurance.
“It’s better to take it out when you’re young,” Eswaran said. “Life insurance goes up as you get older or develop medical conditions.”
Policies can also be customized to fit different financial needs, allowing families to choose coverage amounts that work within their budgets.
Making the Process Easier
Eswaran says Eleos has digitized much of the insurance shopping experience, allowing customers to compare options online without visiting multiple agents.
“We’ve done a lot of heavy lifting behind the scenes,” Eswaran said. “When we give you an offer, it’s probably the best offer you can find—equivalent to speaking with three or four different agents.”
The company also offers additional wellness benefits, including telemedicine and mental health support, to provide value throughout the life of the policy.
For more information about life insurance options or to explore available plans, visit the Eleos website.
With Eleos Life, life insurance is easier, more affordable than many think