Posted on: 28 January 2021
Life insurance, like most types of insurance, is not the most exciting thing to shop for. However, if you don't already have a life insurance policy in place, now is the time to change that. Unfortunately, there are a lot of myths floating around out there about life insurance. Are you falling for any of them?
Myth 1: You Don't Need Coverage Until You're Older
One of the most commonly perpetuated myths about life insurance is that it's not something you need to worry about buying until you're older. In reality, just about anybody could benefit from the peace of mind and financial protection that comes along with having life insurance coverage now. Not to mention, life insurance coverage tends to be a lot more affordable when you're younger—so why wait?
Myth 2: Group Coverage Is Enough
Often times, people will forego shopping for an independent life insurance policy because they already receive group coverage through an employer. While group life insurance coverage is certainly a nice benefit to have, it rarely includes enough protection to serve as a person's sole policy. Meanwhile, group life insurance coverage typically cannot be transferred or kept if you leave your job so that's another thing to keep in mind.
Myth 3: Life Insurance Policies Are Too Expensive
A lot of people will also avoid shopping for life insurance because they assume coverage will be too expensive for them to comfortably afford. In reality, life insurance is often a lot more affordable than you might think—especially when you compare the cost of coverage to the cost of the average funeral and other financial burdens that may be left for your family upon your passing. With the right life insurance policy, you and your loved ones enjoy the peace of mind that these expenses will be covered--and you can't really put a price tag on that.
Myth 4: You Can't Get Coverage With Pre-Existing Conditions
Even if you have pre-existing health conditions, you can still get term or whole life insurance without paying significantly more for coverage. Typically, it only becomes more difficult to secure coverage if you have a very serious health condition (such as a terminal illness), which is all the more reason you're encouraged to buy life insurance coverage at a young age.
By knowing the realities behind these common life insurance myths, you can make sure you and your loved ones are well protected.Share