There are so many misconceptions about life insurance …
You might wonder how much it costs? Can you afford it? What’s the process? Who needs it and when you should buy it? Let’s break down the biggest myths and set the record straight with important life insurance facts.
Life insurance is too expensive.1
Over 50% of Americans believe life insurance costs three times more than it actually does. For example, you can get a term life insurance policy for an affordable monthly payment.
Employer-provided life insurance is enough.2
While convenient, employer life insurance isn’t permanent and typically offers limited coverage (only twice your annual income). Once you leave the company, you’ll no longer get the benefit.
No marriage, no kids, no need!2
Life insurance is a product that must be purchased before you actually need it, even if you have no dependents. Life insurance death benefits can be used to pay off personal debts and final expenses, easing the burden on your loved ones.
Life insurance is only for older folks.3
There are many reasons to buy life insurance throughout all stages of life, but buying life insurance when you’re young and healthy may mean lower premiums and potential cash value accumulation for future needs.
I can only insure myself.4
There may be financial benefits to insuring several people in your life. Business partners, your spouse and even your children may make sense in order to help provide comprehensive family protection.