With so much information on the internet, from our advisors, and even our family and friends about life insurance policies, it’s easy to be misinformed. We’re here to debunk those life insurance myths and put them to rest once and for all.
Myth #1: Life insurance is expensive.
Life insurance is actually quite affordable but it can depend on a number of factors including age, policy coverage and the duration of the policy. In some cases, life insurance can cost as little as $20 a month.
Myth #2: Only the highest paid family member needs to have life insurance coverage.
Even a non-working spouse can contribute to the home in more ways than a salary. Considering the price of childcare, groceries, home care and transportation, it is said that they contribute just as much, if not more, as that of a full-time job. A good rule of thumb is that if from their passing you would be placed in a financial hardship, it is important to buy them life insurance coverage.
Myth #3: My kids are grown and I have little to no financial obligations, so I no longer need life insurance.
With mortgage payments, college planning and raising children, life insurance coverage can become a necessity, but as the children leave and the house is paid off, permanent insurance is still important. Along with providing lifelong protection, the benefits of permanent insurance far outweigh the negative. Over time, permanent policies accumulate cash value and premiums typically do not increase throughout the duration of the coverage.
Myth #4: Since I am already covered through work, I do not need additional life insurance coverage.
Remember that although the benefit of being covered through your employment is an incredible perk, it is also temporary; your coverage will end if for any reason you may leave the company. On top of that, a policy provided by your employer usually only offers coverage as the amount equal to your annual salary, or a flat amount.
Myth #5: I do not need insurance since I am single, unmarried and have no children.
Just because you are single and unmarried does not mean you cannot plan ahead for your future. The sooner you look into obtaining life insurance coverage, the easier it will be to lock in affordable and lower rates.
Call us today at 616-866-1517 or fill out our online contact form to talk with one of our knowledgeable agents about finding the right life insurance policy for you.