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6 (more) Myths About Life Insurance
Even though Life Insurance is a key part of any financial planning, it is never prioritized and is often deemed too complex to handle. But sooner rather than later life insurance is a good idea to invest in it, as not having a good plan could wreak havoc with your finances.
Here are six more myths, debunked:
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1. Life insurance is too expensive
Contrary to popular belief, there are a lot of very affordable life insurance options available.
As a matter of fact, a 59-year-old female cancer survivor can purchase $25,000 of life insurance for $43.80 per month. For the price of a medium “double double” a day you have the money to protect your family’s financial well-being. -
2. Life insurance is not needed if you already have life insurance through your employer
Although having life insurance through work may be one of its benefits, there’s a good chance it may only be temporary coverage. Whenever you part ways with an employer, in many cases, your life insurance ends as well. That being said, it makes more sense to explore a life insurance policy that will follow you no matter where you work.
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3. Insurance is useless unless you die
Now while we know life insurance can provide money for your family upon your death, there are also types of life insurance that play key roles in your own financial plan.
Various life insurance policies offer a number of “living benefits”, including access to money to pay for tuition, help make a down payment on a home, fund a business, or help achieve your retirement needs. -
4. Once you buy a life insurance policy, you can just forget about it
It is imperative to review any life insurance policies on a regular basis and make sure that it continues to meet the needs for you and your family. Life is always changing and your insurance policy should reflect those changes.
Life insurance is a valuable tool that doesn’t need to be complicated or hard to understand. What it should be is flexible and dependable, and make sense to you no matter what your personal situation or needs are. -
5. Better to invest the money rather than lock it up in life insurance of any kind.
Regardless of their financial standing, everyone needs life coverage. Only depending on your investments is not smart. As the investor you would be leaving very little assets for your dependents, meaning that in the blink of an eye they can quickly be depleted.
Life Insurance is a way out to help in continuing with life as usual when something unforeseen happens, and not as a means to lock your money away forever. -
6. My health disqualifies me from life insurance.
Life insurance options are available for individuals with a range of medical issues. It goes without saying that someone with pre-existing conditions will pay higher premiums than someone in good health. But the good thing is most if not all companies out there will provide free quotes that will make comparison shopping easier.
Any way you cut it, life insurance just makes sense. For a few dollars a month you can guarantee your families well-being and more importantly, your piece of mind.