If you're looking at life insurance policies, there's probably a lot of things that you might currently believe that aren't necessarily true. Bits of truth may be hiding in these myths, but it’s important to get a look at the whole picture before making a choice by finding out the truth about life insurance. So let's take a closer look at some of those myths and help you understand the whole truth about the life insurance that you may be purchasing.
Myth 1. Life Insurance is really pricey. This is actually one of the biggest myths. Life insurance does not have to be expensive at all, depending on how old you are, how your health is, and what type of insurance you are purchasing for yourself and/or your family. Sure, there are times where your life insurance may end up being more expensive, but if you shop around, look for exactly what you need out of your life insurance, and make good decisions, you can end up saving a lot of money in the long run.
Myth 2. Life Insurance is difficult to obtain if someone is sick or has a chronic illness of some sort. Not true, and the good news is that it’s actually become a lot easier for these people to get life insurance. Some companies actually mainly focus on those who are considered to be “high risk” cases. Yeah, it’s going to cost a little bit more than if you were in optimum health, but that doesn’t mean that you can’t get it at all. Work with your insurance representative to let them know exactly what is going on with your health (be truthful) so that you can determine which packages are right for your needs and the needs of your family.
Myth 3: I’m too young to have life insurance. The truth is, you're never too young. No matter how young or healthy you are, accidents and unexpected things can occur, and thousands of people die prematurely every single year. Because of that, it’s important to make sure that you have some sort of life insurance policy, even if it’s just enough to cover funeral and/or medical expenses if they should occur. Even though you are young, you are not invincible, which means that you should be sure that you have an emergency plan in place in case the unexpected happens – in this case, that’s life insurance.
Myth 4: Not Everyone Needs Life Insurance. This is both true and false. In a majority of cases, you will want to have life insurance, even if it is just going to cover the bare necessities like the costs of your funeral. Life insurance will insure that your family is not going to struggle financially because of any debt, medical bills, funeral costs, or whatever may be left behind when you pass away. But, if you’re fairly well off, you have a lot of assets, you have no debts and you don’t have dependents that you have to worry about, you may not really have to get life insurance or keep paying the pricey premiums on a policy you no longer need.
So, in a nutshell, there's a lot of misinformation out there about life insurance, what it provides, and how it works. By learning the truth about life insurance, we can make decisions more easily and help our loved ones figure out the way that they need to go when it comes to analyzing and purchasing their life insurance. Contact an insurance agent today for more information and to get started with setting up your own life insurance plan.