Unfortunately, the only guarantee in life is that if you live, you will also someday die. It’s a harsh reality but one that we all have to face. One of the hardest things about the passing of a loved one is the financial strain (on top of the grief) it puts on the ones who survive them.
Life insurance gives you the opportunity to take care of your family even after you’re gone. Many people avoid getting life insurance because it’s an uncomfortable subject about which to speak, but the truth is it could save your family from financial ruin when you go. There are also a lot of myths that prevent people from buying life insurance policies as well. Continue reading as we bust four of the most common myths about life insurance.
1. Life insurance is expensive.
One of the most pervasive myths about life insurance is that it’s expensive. Truth be told, a life insurance policy probably costs pennies on the dollar in comparison to what you’d expect to pay. The details and costs are all in the type of policy and how much life insurance you purchase.
Term life insurance is a temporary type of insurance that covers you for a certain amount of years and only pays out to your beneficiaries if and when you die. Term life policies offer lower premium payments than other life insurance policies even with the same premium. Furthermore, the younger you are and the better shape you’re in, the lower your life insurance policy quote will be. That’s what makes term life policies the favorite among young people.
A great way to find the best price for the amount of coverage you need is to search online and use comparison tools to find insurance that fits your budget and needs. Insurance brokers are widely considered to be a helpful way to shop an array of term life insurance companies in the United States and they have a variety of term life options depending on your budget and the coverage amount you need.
2. Young people don’t need life insurance.
Speaking of young people, the most dangerous myth about life insurance is that young people don’t need it. One could actually make the case that it’s more important for young people to have it than older people.
When older people die, it’s hard, but it’s expected, and their family has had time to prepare emotionally and financially for their passing. When young people pass, the long-term implications are much more far-reaching.
One of the main reasons young people passing is so devastating, aside from the unexpectedness of it all, is that their families are still financially reliant on them. If you pass away at a young age, your family will need the cash value or payout from your death benefit to maintain their quality of life through their grief. There isn’t much that could give the family of a young person peace of mind if they pass, but if you have life insurance, that’s one major burden they don’t have to bear alone.
3. Life insurance is hard to figure out.
Believe it or not, life insurance isn’t as hard to figure out as it may seem. Life insurance is a death benefit that pays out upon your passing in exchange for premium payments. You can name your beneficiary and choose how much coverage and what you want the payout to be.
4. You can’t get coverage with pre-existing conditions.
Even though having pre-existing conditions can make it harder to get life insurance, it’s not impossible. It’s true that you can expect to pay higher premiums than if you were young and healthy, but even more expensive insurance coverage is better than none at all.
Life insurance is something that every adult should have. Whether you’re advanced in age and thinking about burial costs or young and thinking about taking care of your family long-term, you need life insurance.