5 Myths About Life Insurance

father and son walking together at sunset

1. It’s expensive.

The majority of people believe that the cost of life insurance is much higher than it actually is. Sure, there are different kinds of life insurance and each one comes with a different premium level, but all together it is very affordable for the coverage you get. For example, the price for a 30-year term life insurance with $250,000 in death benefits for a healthy 25 year old is just over $20.00/mo

2. You don’t need it if you are young and healthy.

When you are young and healthy is actually a great time to get life insurance. Premiums are extremely affordable because of those reasons. Unfortunately, life throws many obstacles at us unexpectedly and getting life insurance while you are young and healthy protects you from them. For example, if you wait until you become sick to put life insurance on, your premiums will be much higher.

3. Stay at home parents don’t need it.

Just because you don’t earn the wages for the family does not mean that you aren’t extremely important to the financial demands of the family. If something happened to the stay at home parent there would be large financial costs for the family such as childcare costs or the other parent having to leave their job to take care of the children.

4. Insurance through my employer is good enough.

Group life insurance through your employer is a great benefit but most of the time it doesn’t cover you sufficiently. Adding a life insurance policy of your own is a great way to make sure that all of you and your family’s needs are protected.

5. People that are older or have health issues can’t get it.

As we mentioned earlier, the premium gets a little higher for people that are older or have health issues but usually it is still much more affordable than people think. People that have health issues such as high cholesterol, diabetes, etc. are usually still eligible for life insurance. It never hurts to at least see if you qualify and what the price would be.

Click Below to see how affordable life insurance is for you!

 

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