4 Misconceptions About Life Insurance

There are many misconceptions about life insurance, and these misconceptions can turn people off from even looking into purchasing a policy. In fact, a lot of people are just plain confused about life insurance! To help clear things up, we want to talk here about what life insurance is not, in order to help give you a better understanding of this subject, and address some of the misconceptions you might have about it.

1. Life insurance is not a luxury itemlarge diamond

Although it might seem like life insurance is only for people who are well-off, it isn’t. Life insurance is not a luxury item, even though many people think it’s too expensive to fit into their family’s budget. In fact, nothing could be further from the truth: life insurance can often cost the same as a monthly subscription to a music streaming service, or a meal at a restaurant.

2. Life insurance is not just for covering funeral expenses

Yes, many people purchase life insurance specifically to cover funeral expenses, but life insurance can cover so much more. Funerals can cost around $10,000, but even some of the most affordable policies can offer much more coverage than this, meaning they can help with replacing lost income, making mortgage payments, and raising children.

3. Life insurance through your employer is not enough

A lot of people don’t purchase life insurance because they have a policy through their job, and they think they are fully covered with this employer-based life insurance. And don’t get us wrong: employer-based policies are great because they are often very affordable, but they’re usually limited to providing coverage equal to only one or two times your salary, or a fixed amount like $100,000. Research, though, shows that you should have coverage that is five to ten times your income. Not only that, but you will lose your coverage if you leave the job or are terminated. You can consider keeping your life insurance policy through your employer, as well as purchasing a private policy to make up the difference.

4.  Life insurance is not just for healthy peoplecaucasian woman doing yoga on a mat

Life insurance is indeed cheaper when you are healthier and younger, but that doesn’t mean you can’t find an affordable policy if you aren’t young and healthy. Even if you have certain health conditions, like diabetes or high blood pressure, it’s still possible to qualify for a great policy, as long as your medical conditions are under control. And if you are worried about qualifying for a policy, know that there are policies available to you that do not require a medical exam or medical questions. 

Hopefully, all of this has cleared things up for you, and has shown that life insurance is for everyone, and is affordable. Because remember, your family has financial obligations that will not go away when you are gone; they will need your help more than ever with their expenses, and the last thing you want them to worry about is money while they are grieving. There are many great affordable life insurance options to choose from that will provide enough money for your family, for a low monthly price. 

The best way to find the right life insurance policy for you and your specific needs is by working with an agent who specializes in life insurance. We have provided the top life insurance companies in the nation below; each offers hassle-free assistance and the most competitive rates. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.

Life Insurance Myths For an Empty-Nester

The time has finally come: you and your spouse can enjoy having the house to yourselves, and it feels like you’re starting a new chapter of your life. It can be a bit sad seeing your children leave home, but you might also be happy that you don’t have the responsibilities you once had. But don’t throw all of your responsibilities out the window just yet! For example, you might be thinking that the time for life insurance has passed now that you’re an empty-nester and don’t have to worry about taking care of your children (as much), but that’s not necessarily true. So don’t let the following myths about empty-nesters and life insurance prevent you from purchasing a policy that will continue to protect your family.

illustration of grandparents with their children and grandchildren
Even though your children are grown up. you can still be able to help them for years to come after you are gone.

Myth 1: My children are grown and can support themselves now.

Ahh, the sweet moment you’ve been waiting for as a parent: watching your child go out in the world and support themselves. Like many empty-nesters, you might be thinking that now you no longer have to worry about supporting them, or leaving extra money for them when you are gone. However, if you were to pass away today, do you think your family would be able to pay for your funeral expenses? And don’t forget how hard it was to support yourself when you left your parents’ house – that’s no easy thing! It would be nice to be able to support your children, and your grandchildren, in the long run.

Myth 2: My mortgage is almost paid off so I don’t need life insurance for that.

One of the happiest moments of any adult’s life is the moment they pay off their mortgage! And if you are one of the lucky few, you might be thinking that you don’t have to worry about providing your spouse or family with life insurance benefits when you pass away. But there are still other expenses or even debts that will have to be paid off, which could be transferred to your spouse or children after your death. How will they be able to pay off these debts? Life insurance is a great way to cover any debts, as well as leave some extra money for your loved ones to survive on. 

Myth 3: Life insurance will be too expensive now that I am older.

Life insurance rates indeed go up the older you get, and the less healthy you are. But that does not mean that you can’t find a very affordable plan, with the help of a life insurance agent. If you are a healthy non-smoker, you could get a $500,000 life insurance policy for only $130 a month, or less. The best way to find a great policy is to compare plans from different companies – there are so many different policies to choose from!

illustration of money and coins
Even if you have enough money saved up. it could dwindle over time or if there was an emergency.

Myth 4: I have enough money saved up to pay for funeral expenses and more.

If you have a substantial amount of money saved up, that’s great! But will it be enough for the unexpected? What if you live a long time and continue to use money from your savings? Or if there is an emergency and you have to take money from your savings?

Find Affordable Life Insurance

If you want to make sure that your children or grandchildren are taken care of when you are gone, whether they are adults or minors, you need to find the right policy for you AND know the rules surrounding minor beneficiaries.

The best way to find the right policy for you is by working with a licensed agent from a top-rated insurance company. They can help you find a policy with affordable rates, and give you ideas on how to cut costs. We have listed some companies to work with that will be able to find you the most coverage for the least amount of money. Always check multiple sites to make sure you have bargaining power and to know the different advantages of each company. Make sure a hard time for your loved ones isn’t made harder by a financial burden, check life insurance rates today.