7 Life Insurance Myths That are Causing Trouble
Myths surrounding life insurance often lead to a significant issue: procrastination. But can you afford to procrastinate when it comes to the safety and security of your family?
The truth is that 86% of Americans agree that people need life insurance.
Life insurance has several functions. Its most important function is replacing income that stops flowing after the death of the insured.
The impact death has on your family can be quite dramatic, especially if you have debts to pay. Life insurance helps protect your family in case of a tragic event.
If you are considering life insurance, read on to find out about our 7 life insurance myths that are causing trouble before making your decision.
1. Only the Family Member With the Highest Source of Income Needs Life Insurance
There is a grain of truth to this myth. Yes, making sure that the family member with the highest source of income has life insurance is a wise decision.
However, this can prove to be catastrophic if a homemaker passes away, especially if you have to hire someone full-time.
Childcare can be quite expensive, not to mention cleaning and cooking services.
2. Investing Is Better Than Paying for Life Insurance
Life insurance is all about providing a safety blanket for your family. Unfortunately, there is nothing safe about investing.
You take a calculated risk when investing your money. However, it doesn’t always end well. Many investors lose money.
You can put your family into a tough situation if your investing ventures don’t go well.
3. You Should Only Purchase Life Insurance In Person
Many people think the only legitimate way to purchase life insurance is in person. However, it’s fast and easy to research life insurance online. In fact, 21% of life insurance consumers purchase life insurance online.
Though some may still prefer a human element, there are many ways to interact with agents online. It can also make the process of finding an agent much easier.
4. I Don’t Need Life Insurance If I Am Single
Even if you’re single, many of your financial burdens will pass down to your family. Funeral expenses, mortgages, or any other type of expenses can put a lot of pressure on your loved ones.
Life insurance can also be a great way to donate to your favorite charity while gaining tax benefits.
5. I Am Too Young for Life Insurance
Unfortunately, nobody knows what tomorrow holds.
When you’re younger, life insurance is a lot cheaper—even the premiums. As you age, however, the price increases, especially if you develop a medical condition.
If you’re still paying a mortgage or have college loans, you should consider purchasing a life insurance.
6. You Need a Medical Exam to Get Life Insurance
Many people hold off on life insurance because they don’t feel like going through the hassle of a medical exam.
The truth is that you don’t need a medical exam to get life insurance. You can learn about no exam life insurance from the comfort of your own home.
7. The Life Insurance Offered by My Employer Is Enough
It depends on how much debt you have, or if you have codependents.
If your debt will not put a hole in your family’s pocket and you are single, the life insurance from work will suffice. But if you have codependents, it might not be enough.
Unless you are wealthy, life insurance is the surest way to protect your family from the unexpected.
Keep in mind that there are many options for you to choose from. Don’t let the myths such as the mandatory medical exam hold you back from purchasing life insurance.
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