Most people need life insurance. Not having it can be devastating to your family's financial future should the worst happen. Life insurance is a complex, often misunderstood subject, surrounded by a multitude of myths. These myths can be dangerous if they scare you away from buying the life insurance coverage you need.
Common Life Insurance Myths Debunked
If you are young and single you do not need life insurance
As a general rule, the younger you are when you buy insurance, the less you pay for life insurance. Buying insurance at a younger age can lock you into lower interest rates. If you decide to get married and start a family in the future, it may be important to have insurance for your spouse and dependent children. Even if you remain single without relatives forever, there would still be funeral costs in the event of your death.
Life insurance through your employer is all you need
Life insurance sponsored by employers is a valuable addition to a benefit package. But it is not likely to provide all the coverage you need. Most work plans offer unintentional deaths or short-term policies with low limits. Coverage may not be enough. Usually these plans are not portable ̵
You are better off investing than buying life insurance
Investments can be risky. If you rely solely on them and something goes wrong, there can be no way to support your family if you die. Having a life insurance policy in addition to your investments can help ensure that your beneficiaries will receive cash deaths should something happen to you.
I Can & # 39; t Get Life Insurance With Diabetes
Many life insurance companies will cover a range of health conditions. Some insurance companies specialize in high-risk cases. If you have diabetes and can show that you have it under control, you can qualify for life insurance at better prices than you might suspect.
Life insurance is too expensive
In a new study, researchers found that the majority of respondents overestimated the cost of life insurance, according to reports on Forbes . Individual quotes depend on risk factors, such as age, lifestyle and health status. In 2021, the monthly cost of a $ 20,000 life insurance policy of $ 20,000 for a 35-year-old person is about $ 30 for men and $ 25 for women.
You get a better deal if you buy life insurance online
Going online is a good way to research life insurance and a good way to find an agent. But it will not give you lower prices. Life insurance costs are the same whether you buy online or in person. And you do not get the same service when you shop online. Our agent can explain the terms of the application, help you determine how much coverage you need and help you find the best available rates based on your age and health status.