Life insurance is not exactly Bigfoot, Loch Ness Monster or Chupacabras, but it has still managed to generate many myths over time. It is inconvenient when all you want to do is to be financially protected if the worst happens.
In the spirit of making life insurance simple, we have decided to deal with six of the highest stories related to it.
Myth # 1: Everyone Needs Life Insurance
The main purpose of life insurance is to ensure that your loved ones are financially protected if you die and your income is no longer available to them. (Because you have no income anymore because you are dead). So if you do not have custodians ̵
But of course it's not that simple. Even without relatives, you can still require life insurance if you have debts (credit cards, student loans, unregulated poker games) that could be passed on to your family in the event of your downfall.
If you are present young but not as young, and perhaps soon have custodians (maybe you intend to marry or have / adopt a child) you may consider getting life insurance now to lock in a lower premium based on your current age and health.
Myth # 2: Life insurance is expensive
Life insurance can be expensive depending on the type of insurance you buy, your age and health, for example, but in general, life insurance is more affordable than you might think. In fact, life insurance is cheaper now than ever. For example, a healthy 35-year-old may receive a 20-year, $ 500,000 home-time life insurance policy issued by MassMutual for as little as $ 24 per month. Even for you personally, life insurance can be cheaper now than it will be in the future because the premium costs increase when you get older.
Myth No. 3: To buy life insurance you must use an agent
You do not just need an agent to get life insurance, you do not even have to put up on pants to get life insurance. With Haven Life, the process happens online when it's convenient for you.
If you need a medical examination as part of your application, you can schedule it at your home or office when it is convenient for you.
Myth No. 4: Your Health Disqualifies You From Getting Life Insurance
While it is true that a person in poor health may not be qualified for life insurance, it is no less than perfect health, that it does not automatically mean you will not get coverage.
A life insurance company will make an assessment of your health and other factors and make a coverage decision based on it. You pay more if you smoke or have other health problems, but most insurance companies prepare a policy that suits you. If you are wondering about this, you can get a life insurance quote from an online life insurance cost calculator.
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Myth # 5: If you are young and healthy you do not need life insurance
It would be nice if life worked so, but it does not. If you are young and healthy, you are less likely to die unexpectedly, but "less likely" is very different from "will not happen".
Are you wearing a seat belt while driving? Being young and healthy cannot protect you from everything. But what it can protect you against is high life insurance costs. The younger and healthier you are, the less you pay for life insurance, so if it is something you intend to buy, it is in your financial self-interest to do it rather than later.
Myth # 6: If you already have life insurance from your employer, that's all you need
That's probably not the case. Group life insurance that comes from your job as part of a benefit package is often affordable and worth having, but it has two limitations:
The first is the amount of coverage it provides: there is a good chance that the coverage amount of the policy of your job would be Not enough to meet your family's financial needs in case you die unexpectedly.
The second limitation of employer-insured group life insurance is that you, like the fine chair in your office, do not take the policy with you if you leave your job, or if you can, it can be unreasonably expensive to do so.
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Move beyond the myths
Now that we have debunked the six highest stories of life insurance You can decide on life insurance that suits you.
Fortunately, it is easy to apply online with Haven Lif e and get your personal-to-you rating.
Michael Davis is a freelance writer and editor who has covered everything from fashion and music to parenting, work and finance. He has been a chef, restaurateur and record company owner.
Haven Term is a Term Life Insurance Policy (ICC17DTC) issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111 and offered exclusively by the Haven Life Insurance Agency, LLC. The number and features of policies and riders may vary by state and may not be available in all states. In New York, Haven Term DTC-NY is 1017. Our license number in California is OK71922 and in Arkansas, 100139527.