Life Insurance Myths

A life insurance policy can ensure your family’s safety and comfort, among many other benefits when you are gone. A proper life insurance policy is necessary for everyone, as it certainly secures the future of your family. Before you zero in on a life insurance policy, get acquainted with some of the myths, so that you can make the wise choice.

Myth 1: Your employer pays for your life insurance so you do not need to worry about it

The truth is if your employer is paying for your life insurance coverage, you will need to worry about it a great deal, as it will only cover a group policy while you are employed in your company. If you lose your job or take break from work, you could be in a vulnerable position. But if you have individual life insurance you will be better as you it lasts for the whole duration specified in the policy.

Myth 2: You are single and you do not have any dependents, meaning you do not need any coverage

Each and every single person should have personal life insurance so that the costs of any personal debts, possible medical bills and funeral expenses are covered. If you do forgo insurance cover then you might leave a legacy of unpaid expenses, which your family will have to bear.

Myth 3: Your spouse has the coverage so you don’t need any

The truth is you both need to be covered because even if the non-insured partner passes away it will leave a large financial void that needs to be filled. This is especially true if you have children. Joint life insurance is a very affordable solution to this situation.

Myth 4: You cannot afford life insurance

Before you come to conclusion that you cannot afford a life insurance policy, you must check out the different types of affordable life insurance policies available.

Myth 5: You do not need life insurance for your children

To be true, you do not know what will happen in the future, so it is always better to remain prepared. Should your child pass away prematurely, you will need to bear the any medical and funeral expenses, perhaps needing time off work to mourn. A life insurance plan for your children will also protect their insurability if they develop a health condition later which could be too expensive to get coverage for.

Myth 6: Since you are healthy and young, you think you can wait untill you get older

If you buy life insurance policy when you are at your prime it will prove to be very cost-effective, this is because the cost of purchasing life insurance increases with age.

Myth 7: Your spouse does not work outside the home so there is no need for life insurance for your spouse

You might not be aware of the fact your spouse is responsible for child care, laundry, cooking, shopping and many more household duties. If you have a life insurance policy for your non-working spouse, then it can provide the income necessary for protecting the way of life for your family.