Common Myths About Life Insurance
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Here is a list of common untrue things people believe about life insurance that just aren't true!
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Common Myths About Life Insurance
- 2. Life Insurance is.... Too Expensive Several studies have been done showing that over half of Americans overestimate the cost of life insurance. Most people surveyed had the tendency to believe life insurance would cost almost ten times more than it actually does. So, if you think life insurance is too expensive, look into your options. Chances are, it's less expensive than you think.
- 3. Life Insurance is.... Only for People with Dependents While people with dependents need life insurance to look after said dependents, those who do not have dependents should invest in life insurance as well. If something were to happen, life insurance could help pay for funeral arrangements, and other things left behind.
- 4. Life Insurance is.... Not for Stay At Home Parents This is a particularly dangerous myth because of everything stay-at-home parents provide. If they were no longer present, extra expenses would surface, such as housekeeping, childcare, and cooking. The stay-at-home parent most certainly needs life insurance as a way to offset these costs.
- 5. Life Insurance is.... Less Expensive Online Life insurance is generally the same price if bought online, and buying insurance online takes out the helpful advice you could be getting from an agent. While the internet is more convenient, an agent can take into account all factors in your life and truly ensure you buy the right policy.
- 6. Life Insurance is.... Unnecessary if You Have Savings A savings account and a life insurance policy are not the same thing. Even if you do have money in savings, purchasing a life insurance policy will ensure that your family has all the money it needs for arrangements after your death, as well as for continuing forward in life.
- 7. Life Insurance is.... Only Protection for Death A permanent life insurance policy is not only for when you die. It also has growth potential that can provide a cash cushion for you throughout your lifetime. It can also be used as an untaxed loan if you decide to withdraw money from it.