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Buying life insurance need not be complicated or expensive. In fact, once you get past some of the myths surrounding it, it can be surprising simple to acquire. Here are seven myths that often surround the purchase of life insurance.
Myth #1: Life Insurance is Expensive
This myth keeps many people from even investigating life insurance. In fact, many are surprised at how affordable large amounts of term life insurance can be. To see for yourself, simply contact one of our independent agents, answer a few short questions, and they can get you a quote from multiple providers.
Myth #2: I Don’t Need Life Insurance if I’m Young and Healthy
There are several issues with this myth. First, even young and healthy people can become suddenly ill or experience an accident. Furthermore, many young people carry a significant amount of student loan and credit card debt. If a parent has co-signed for these, they will need to be paid. Life insurance can help these debts from becoming a burden to someone else. Lastly, even an inexpensive funeral can reach into the thousands of dollars. When you combine these factors with the fact that life insurance is at its least expensive when one is young and healthy, it just makes sense.
Myth #3: I am Single So I Don’t Need Life Insurance
Having a spouse and/or children are just one of the reason’s life insurance is important. Like myth #2, even single people carry debt and will likely have final expenses. While a single person with little debt may have a lesser need for life insurance it still can play a critical role.
Myth #4: All Life Insurance Is Priced the Same
Being taken in by this myth can be costly. There is a big difference between what is called Whole Life Insurance and Term Insurance. There can also be significant pricing differences between companies. This is one reason an independent agent is valuable in your search for the best rates and coverage.
Myth #5: My Life Insurance Needs Won’t Change Through the Years
Just because you have life insurance doesn’t mean it is sufficient for your life today. You may have bought a home, got married, received a promotion, had children or purchased a business. These are just some of life’s moments when you should have a life insurance review.
Myth #6: Only the “Breadwinner” Should Have Life Insurance
The death of anyone in the family can mean medical bills, final expenses and other debt. Everyone, including children, should have at least some coverage.
Myth #7: I Will Need a Physical to get Life Insurance
The vast majority of individuals can secure life insurance without the need of a medical physical.
Don’t let misperceptions and myths prevent you from getting the coverage you need. Contact one of our independent insurance today!