Insurance Plans of America Blog
The primary myth about life insurance is that it's expensive, only pays out when you die, and isn't needed if you are healthy. When considering your financial future, don't believe these six myths about life insurance! Here, the truth is that life insurance can be less costly than many people think and that the benefits of having a policy far outweigh any drawbacks.
Myth #1 - Life Insurance is Expensive
Some types of life insurance are indeed expensive. However, there are also other options such as term life and whole life policies, which can cost less than you may think.
Myth #2 - Life Insurance Only Pays Out When You die
You may be surprised to find out that life insurance will pay out during your lifetime as well. If diagnosed with a terminal illness, the policy can provide for care expenses and other financial needs while you're alive.
Myth #3 - Your Family Doesn't Need Life Insurance Because They'll Be Taken Care of by the Government
The Government will step in to take care of your family if you die, but that doesn't mean it's their responsibility. Your family should be your priority, not the Government’s, because their money will be limited.
Myth #4 - You don't Need Life Insurance if You Have a Spouse or Children
Your spouse and children are not the only people who need to be cared for if you die. You also have parents, siblings, friends, or even your dog! You should think about the possibilities and plan for them.
Myth #5- Young People Can Get by Without Life Insurance Because They're Healthy
Believe it or not, you can be hit by a bus tomorrow if that's your destiny. Some people think they're invincible and don't need life insurance because they have a long way to go before retirement. In reality, nobody knows what comes next in the future.
Myth #6- You Should Wait to Buy Life Insurance Until After Retirement
It's never too late to get life insurance. After all, it would be terrible if you ended up not having enough money saved for retirement. Because the company you worked for went bankrupt and left your pension untouched!
Life Insurance myths are so pervasive that people stop seeing them as myths. Myth numbers one through six are the most common misconceptions about life insurance because they're easy to believe - especially if you haven't thought deeply about it before.
At Insurance Plans of America, we do our best to ensure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (877) 752-6711 or Click Here to request a free quote.