Life insurance is one of the best ways to protect your family’s financial future. Yet, while every family needs life insurance, too many people put off buying it. If you’ve yet to get around to purchasing the life insurance you need, read on as we debunk myths about life insurance.
Myth 1: It’s Hard to Qualify for Life Insurance
Many people cite fear that they won’t be approved as a reason for not shopping for life insurance. However, in today’s insurance market, there truly is a policy for everyone. A guaranteed acceptance term life insurance policy, for example, is a great choice for individuals with health concerns or pre-existing conditions. The best way to find out what kind of policy fits your situation is to consult with a knowledgeable agent.
Myth 2: Life Insurance Isn’t Affordable
Life insurance is an investment in your family’s financial future. As such, you really cannot afford to be without it. The range of life insurance policies available today offer options to accommodate virtually every budget. The least expensive types of policies are term life insurance, which covers the insured at a low rate for a finite period of time.
At the other end of the spectrum, pricier whole life policies provide coverage for life, as well as accruing cash value. Many people start out with less-expensive term life policies and move up to whole life as income grows.
Myth 3: Young People Don’t Need Life Insurance
No one wants to think about dying. While young people are less likely to die, accidents and illnesses can and do happen. Even people without dependents or spouses leave behind expenses. Life insurance will pay for burial and other final expenses. Purchasing life insurance at a younger age may also lock in reduced rates and make it easier to qualify for insurance in the future.