5 Common Myths About Life Insurance
Buying a smart policy starts with understanding the many misconceptions surrounding the subject. Here's the real story on some of the more common life insurance myths you're likely to hear.
#1 - I can't afford it.
People often think that insurance is financially out of reach. This is not true. With a little research on your part, you can find an insurance policy that fits within your budget. In fact, depending on your risk factors, you may be able to secure a policy for less than $1 a day.
Consider looking at both term and permanent insurance. Don't let your fears regarding costs keep you from getting an estimate.
#2 - I can't get it; I have health problems/smoke.
People with health problems or who smoke often think they cannot get insurance. However, most providers offer specific plans for people with health problems, and other providers even specialize in higher risk individuals.
If you have health problems or smoke, just be aware that your insurance will be more expensive.
It's important to ask around, do research and find the right kind of insurance to fit your circumstances. If one insurance provider will not cover you, don't lose hope. Chances are, you'll be able to find a provider that wants your business.
#3 - I don't need it; that's for old folks.
Wrong again. If you are a young couple with children, consider what would happen if one or both of you should die. A grim thought, yes, but when your loved ones are concerned, it is always good to be prepared for any scenario.
Life insurance [http://www.gdkandco.com/Insurance/LifeInsurance/item38595.html] provides necessary income to help support children and spouses following the loss of a financial provider. If you do not have children, the money could also go to parents, friends, or other relatives.
On a lighter note, it's worth mentioning that life insurance is cheaper while you are young. Securing a policy now will save you money over the course of your policy.
#4 - I don't need it if my spouse has it.
Even if only one of you is the financial provider, it's important for both you and your spouse to have insurance.
If the parent who stays home with the children dies, the other parent will most likely need to pay for childcare. Insurance would provide the necessary income to pay for what the deceased parent provided.
#5 - Once I get it, I don't have to bother with it anymore
Definitely not true. You should check up on your insurance at least once a year.
You want to keep tabs on how your policy is doing, and how much value is accumulating. Also, depending on your type of policy, you may be able to invest portions of your premium. You also may need to update your beneficiaries if your living situation or family circumstances have changed. Reviewing your policy once a year is simply a smart move.
The bottom line? Life insurance is an important safety net for your family, so set the myths and misinformation aside. Do your research, contact a local provider, and find out what types of policies are available for you.
#1 - I can't afford it.
People often think that insurance is financially out of reach. This is not true. With a little research on your part, you can find an insurance policy that fits within your budget. In fact, depending on your risk factors, you may be able to secure a policy for less than $1 a day.
Consider looking at both term and permanent insurance. Don't let your fears regarding costs keep you from getting an estimate.
#2 - I can't get it; I have health problems/smoke.
People with health problems or who smoke often think they cannot get insurance. However, most providers offer specific plans for people with health problems, and other providers even specialize in higher risk individuals.
If you have health problems or smoke, just be aware that your insurance will be more expensive.
It's important to ask around, do research and find the right kind of insurance to fit your circumstances. If one insurance provider will not cover you, don't lose hope. Chances are, you'll be able to find a provider that wants your business.
#3 - I don't need it; that's for old folks.
Wrong again. If you are a young couple with children, consider what would happen if one or both of you should die. A grim thought, yes, but when your loved ones are concerned, it is always good to be prepared for any scenario.
Life insurance [http://www.gdkandco.com/Insurance/LifeInsurance/item38595.html] provides necessary income to help support children and spouses following the loss of a financial provider. If you do not have children, the money could also go to parents, friends, or other relatives.
On a lighter note, it's worth mentioning that life insurance is cheaper while you are young. Securing a policy now will save you money over the course of your policy.
#4 - I don't need it if my spouse has it.
Even if only one of you is the financial provider, it's important for both you and your spouse to have insurance.
If the parent who stays home with the children dies, the other parent will most likely need to pay for childcare. Insurance would provide the necessary income to pay for what the deceased parent provided.
#5 - Once I get it, I don't have to bother with it anymore
Definitely not true. You should check up on your insurance at least once a year.
You want to keep tabs on how your policy is doing, and how much value is accumulating. Also, depending on your type of policy, you may be able to invest portions of your premium. You also may need to update your beneficiaries if your living situation or family circumstances have changed. Reviewing your policy once a year is simply a smart move.
The bottom line? Life insurance is an important safety net for your family, so set the myths and misinformation aside. Do your research, contact a local provider, and find out what types of policies are available for you.
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