The Myths of Life Insurance

Struggling with Life Insurance?

Of the many different types of coverage available, life insurance is probably the least understood and most daunting for many people. Everyone knows this coverage is important and it’s good to have it, but there are so many misconceptions regarding it that people end up making poor investment decisions. We’re here to give you the truth and maybe even clear up some of the many myths about it.

Debunking Myths

• First off, let’s debunk the idea that protection is simply too expensive. Life insurance is one of the least expensive forms of coverage, especially if you can get it while you’re still fairly young. Most people only need a small policy, which can still be worth well over a hundred thousand dollars.
• Many people tend to think the amount of money you’re paying will go up if you’re diagnosed with a deadly disease like cancer. The truth is, it won’t be problem if you already have an active policy. With term coverage, probably the most popular type, you’ll pay a set rate for the length of your term no matter what happens.
• Think your spouse doesn’t need a plan because he or she is a stay at home parent? That myth couldn’t be more off base. Taking care of children is a full time job and who is going to do it should anything happen to the stay at home parent? Most people turn to day cares or a nanny in these situations, both of which are very expensive without the help of a policy.
• Some people think it’s best to wait to buy protection when they get older, but it’s actually the complete opposite. You should definitely buy a plan while you’re still young. You’ll likely get lower rates and there’s less risk that you’ll be deemed uninsurable.
• Despite what you may have heard, getting protected doesn’t have to be a hassle. There are hundreds of companies that offer their services online - you can purchase a policy in less than a half hour.

Additional Resources:

• Dodge These Five Life Insurance Myths