Buying life insurance may not be an easy decision to make. However, it is a crucial step to protect your loved ones and plan for your financial future. The better you understand it, the more informed your decision will be when you purchase a policy. The following are six myths debunked about life insurance.
Life insurance is not affordable
Fact: Life insurance rates can vary widely depending on factors like the type of coverage, age and health status. In most cases, the average person can find affordable life insurance.
Life insurance is unnecessary if I’m young and healthy
Fact: The best time to buy life insurance is when you are young and healthy. The younger and healthier you are, the more likely you are to see lower premiums and be able to lock in lower rates.
Life insurance coverage at work is enough
Fact: Employer-sponsored life insurance is a great benefit, but it usually only covers one or two times your salary. This may not be enough coverage, especially if you have dependents or others who rely on you for financial support.
Life insurance is unnecessary if I don’t have any dependents
Fact: Even if you don’t have children, you may have a spouse, sibling, or parent who relies on you for financial support. You may use your life insurance to create a larger legacy for your heirs.
I’m not the primary income earner, so I don’t need life insurance
Fact: Stay-at-home parents and part-time earners provide valuable services like running a household and caregiving. Supplementing or replacing these jobs due to a tragic event can be more expensive than you think.
I don’t qualify for affordable coverage based on my age or health
Fact: Advanced age and certain health conditions can make life insurance more expensive. However, there are many different policies available that make coverage affordable for almost everyone.
Keep in mind that life insurance offers many benefits — including some that can be tapped while you’re still alive.
Life insurance can be life changing. Let Professional Insurance Programs help you with planning your financial security to give you peace of mind. Contact us at 800-637-4676 or [email protected].
