Life Insurance is a topic that often gets overlooked or pushed to the side, but it is an important consideration for anyone who wants to protect their loved ones in the event of an unexpected tragedy. Unfortunately, there are many myths and misconceptions surrounding Life Insurance that can cause confusion and prevent people from getting the coverage they need. In this blog, we will debunk some of the most common myths about life insurance and explain why it is essential to have a policy that meets your needs.
Life Insurance is expensive.
This is one of the biggest myths about Life Insurance. Over half of Americans overestimate the costs of term insurance by 3 times the actual cost. For a healthy 35 year old, the monthly cost of Life Insurance is less than a monthly Netflix subscription.
You do NOT need Life Insurance if you are young and healthy.
Although you are not thinking about your mortality when you are young, getting coverage when you are young and healthy can help you lock in low rates for a surprisingly long time – up to 40 years with some carriers!
If you have health issues you can’t get Life Insurance.
Insurers typically use your health to calculate rates and coverage amounts, but that doesn’t mean you are automatically excluded from buying Life Insurance if you have a pre-existing condition. There are several types of policies that do not require a medical exam to obtain coverage. Also, some carriers treat conditions more favorably than others. Your insurance professional can guide you through the process of choosing the correct carrier and policy.
If you are single and have no dependents you don’t need it.
Life Insurance isn’t just for breadwinners. If you have student loans, car payments, or a home, you likely have debts that will need to be settled upon your death. In many instances, you have had a co-signer to help obtain the loan. Life Insurance can protect the co-signer. If you support a charity or non-profit, you can assign some or all of the death benefit to that organization.
Life Insurance at work is sufficient.
Group Life Insurance through work is generally one or two times salary. This is unfortunately not enough to support your loved ones over the long haul. These policies are normally not portable and are tied to your job. If you leave your employer, you lose your insurance. Buying Individual Life Insurance means you are covered regardless of where you work.
In conclusion, it is crucial to understand the facts about Life Insurance to make informed decisions about your financial security and that of your loved ones. Don’t let misconceptions stop you from getting the coverage you need and deserve. Take the time to speak with a knowledgeable insurance professional who can help you find the right policy at an affordable cost. With the right Life Insurance policy in place, you can have peace of mind knowing that your loved ones will be protected in the event of an unexpected tragedy.