Starting a family can be tough, from buying a house, raising children and other endless responsibilities. One of the most often overlooked responsibilities is making sure your family is protected financially in the future. People are more concerned with paying their mortgage/rent than buying a life insurance.
Consider this, if you suddenly die, would your family lose the house? Would your children move to a different school? Would your family maintain the standard of living they are accustomed to? The best way to ensure these things is to get enough life insurance coverage. Unfortunately, there are some myths about life insurance that some families mistakenly heed that can result in financial devastation for loved ones left behind.
MYTH 1. LIFE INSURANCE ARE TOO EXPENSIVE
Nowadays there are a lot of options when it comes to purchasing a life insurance policy and some of them are quite affordable. One of the least expensive is the term life insurance that has a low premium but offers good coverage. A lot of young families find a plan that would fit their needs and budgets.
MYTH 2. LIFE INSURANCE IS ONLY FOR THE BREADWINNER
Most people believed that the main income earner or the breadwinners are the only ones that should be insured. What don’t people realize is that whether you are the only one bringing home the paycheck, or your is the large paycheck or even you don’t earn a paycheck, you need a life insurance coverage. If something happens to the stay at home spouse/parents, the one left behind should get somebody to do her /his work and this can be costly. Good life insurance coverage can provide the funds to cover such expenses.
MYTH 3. I ALREADY HAVE LIFE INSURANCE FROM MY EMPLOYER
Company insurance will stop the moment you depart from the company. This is true for whatever reason it maybe, retirement, resignation or termination. Also, company group insurance may not be enough for your needs.
MYTH 4. I ONLY NEED TERM LIFE INSURANCE
Term life insurance is a great option especially for a young family where the budget is limited. You get your desired coverage at less cost, but this kind of insurance provides protection only for a specific time (“term”).
You must also consider permanent life insurance policies that offer valuable and unique features, which is not present in term insurance like lifelong protection and accumulation of cash values and/or fund values.
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