Common misconceptions about life insurance coverage.
As with anything in life, there are common myths floating around about life insurance. It’s natural to be critical of something that we don’t understand the value of, but common misconceptions can cause people to overlook insurance even if they could benefit greatly from coverage. Check out a few common myths about life insurance which are untrue.
Single people don’t need life insurance.
Single people may be less inclined to get life insurance because it means another expense. However, this group of people can often need life insurance the most. If you have children or dependents that rely on your income, life insurance can help to make sure they aren’t in a bind when you pass away. If you have debt, life insurance can be used to pay off these expenses so that it doesn’t pass to your remaining relatives.
Life insurance is expensive.
Life insurance can be as cheap or as expensive as you allow it to be. A term life policy, which lasts for a certain number of years, is considerably cheaper than a whole life policy which lasts for your entire life. Purchasing life insurance at an early age, when we’re still young and healthy is often a great idea. You can lock in low rates the sooner you get coverage.
I won’t qualify for life insurance because of my age.
Even though monthly premiums tend to be higher as we grow old, it doesn’t mean that we are no longer eligible for life insurance. It is important to consider that it may be harder to become eligible for life insurance if we have a terminal illness or any other condition that represents a higher chance of us passing as a result. It’s wise to take steps tostay as healthy as possible so that we are not subject to higher premiums.