Top 6 Life Insurance Myths
Life insurance can be a real puzzle to figure out. There are many options and unknowns so it’s hard to make a decision. Most people believe it is something they need but have trouble taking action to get a policy. Because of these reasons there 7 main misconceptions about life insurance. We have taken the time to list them and provide information so you can make the best decision and protect your family’s financial future. Whether we like it or not, every single person has a pending claim.
- It’s too Expensive
You might be surprised to know that a term policy for a young healthy person can cost less than .50 cents per day. That’s less than a lot of people spend at Starbucks each month.
- If I live past the term all that money is gone
While that can be true for some policies, there are different options where that is not the case. One policy can return all of your premium at the end of the term and another can develop a value over time. Talk with an agent to learn which policy might be best for you.
- I have it at work so I’m good
That’s great that you current employer provides that benefit. Most people take for granted that the policy their work provides is comprehensive however some just offer accidental death or a small benefit. Another thing to check is if there is a payroll deduction for the policy. Lastly, consider what will happen if you change jobs and the new employer doesn’t offer that benefit. In today’s climate with companies cutting back it could be a benefit that is not offered in the future.
- I’m a stay at home parent so only the breadwinner needs life insurance
Don’t let a tragedy to one parent cause the family to lose both. The extra care required can add a financial burden or require hired help.
- I’m young and single so I don’t need it
You can leave personal debts if someone co-signed a student loan or helped you finance a car. Also, there are final expenses such as the cost of a funeral.
- If I buy Life Insurance I’ll jinx myself
This is my favorite myth. Let me ask a couple questions. The first time you purchased health insurance did you get sick? How about the first time you bought auto insurance did you go out and get into an accident?
There is a lot to consider when deciding to purchase life insurance. Best thing to do is find an agent you can meet with and discuss what is important to you. Everybody has a unique situation so good news there are a variety of options.