Debunking Popular Life Insurance Myths
Whether you have a life insurance policy or are considering one, you’ve likely been thinking about your loved ones. Making informed decisions about your coverage now could make a big difference to them after you’re gone.
6 Common Myths about Life Insurance
Let’s talk about six common myths that leave well-meaning people with insufficient coverage.
- I have life insurance through work, so I'm covered. Group life insurance is an excellent perk. Yet, the death benefit available through your employer’s plan may not be high enough, and you could lose your coverage if you’re laid off.
- I’m too young for life insurance. Young people often have loved ones who would face financial hardship sooner or later without them. Plus, rates are lower when you’re younger, especially if you’re healthy.
- I'm too old for life insurance. Even people in their 80's can qualify for certain types of life insurance. (So can people with serious health conditions).
- Life insurance is expensive. With so many different insurers and ways to customize your coverage, many people who apply are pleasantly surprised to find that they can afford an individual policy that will cover at least a portion of their survivors’ needs.
- It's only for final expenses. Life insurance can also pay off debts that aren’t discharged at death—such as a joint mortgage—or go toward any other purpose your heirs choose.
- Stay-at-home parents and spouses don't need life insurance. The caretaking and household management services homemakers provide have economic value. Life insurance benefits can make it possible to hire a nanny, housekeeper, financial planner and other professionals whose help might be needed after a partner’s death.
What else would you like to know about life insurance? There are no silly questions when it comes to protecting your loved ones. Please reach out and let us know how we can help.