6 MYTHS ABOUT LIFE INSURANCE

Death is not a fun thing to discuss, and this is not the only reason why a lot of people avoid buying life insurance.

There are a lot of misconceptions about life insurance and here are some of the most common myths, along with some facts to help you understand it better.

MYTH 1: LIFE INSURANCE IS EXPENSIVE
A lot of people believed that life insurance is expensive that’s why they don’t want to meet with Financial Advisors. There are a lot of factors that could affect the insurance premiums. Some of them are age, paying years, riders and health conditions. Nowadays insurance policies are more affordable and can be tailor fit to individuals paying capabilities.

MYTH 2: ONLY THE BREADWINNERS NEEDS LIFE INSURANCE
Breadwinners are the priority especially when no one in the family has life insurance yet. However, it doesn’t mean that breadwinners are the only one that needs life insurance. If something happens to the stay at home parents (wife or husband) the breadwinners will have to take responsibility for the work left. This means he/she has to look for a helper that can cause additional expense. The insurance proceeds could help pay for this expense. This can also help the working parents to take a leave and help the family to adjust for their loss.

MYTH 3. EMPLOYER-PROVIDED LIFE INSURANCE IS ALL YOU NEED
Group life insurance is a great benefit, but mostly payout is fairly low. Another consideration is no matter how big your company sponsored life insurance it will end as soon as you leave the company. You should consider buying your own especially when you are younger where the premiums are cheaper.

MYTH 4. HEALTH CONDITIONS CAN DISQUALIFY YOU
Yes, there are certain conditions that can disqualify an individual from getting a life insurance. But it is better to talk to a financial advisor first and verify before jumping into conclusion and preventing yourself from getting one. Nowadays there are insurance policies that cover a range of health conditions. You may also purchase a policy that is not medically written. Just take note that those policies tend to be more expensive and with lower coverage limits.

MYTH 5. TOO YOUNG TO WORRY ABOUT LIFE INSURANCE
It is advisable to get life insurance when you are still young, insurance premiums are cheaper. The longer you wait, it becomes more expensive and at the same time, you might develop a certain condition that can make it much more expensive.

MYTH 6: IF YOU ARE SINGLE YOU DON’T NEED IT
There are a lot of reasons why single should buy a life insurance. Being single doesn’t automatically mean having no child. This is one of the biggest considerations. Another is when you are planning to get married or having aging parents who are dependent on you. Another important consideration- your benefits can pay for your burial expenses so that your loved ones will no longer worry about it. No one wants to think about dying but it is reality and we have to be ready for it.

 

To know more about life insurance, schedule a FREE and NO OBLIGATIONconsultation NOW. Email me at billones.arnold@gobrighterlife.com

Disclaimer: This website reflects only the views and opinions of the author and is not part of any official communication tools of any life insurance and investment company. The views and opinions on this website do not necessarily reflect those of the company, the management, the advisor/agents and the employees of any insurance or investment company.