IBX5980432E7F390 7 Life Insurance Myths That Clever Cost You - Smart Business

7 Life Insurance Myths That Clever Cost You

 7 Life Insurance Myths That Clever Cost You

Life insurance is an important part of a well-rounded financial plan. But let's face it — it clever also be confutune. In fbehave, misunderstandings approxifriendly life insurance cause many people to skip the coverage altogether, putting their families at great risk for financial hardship. Here, we set the record straight on seven general myths approxifriendly life insurance.

Myth 1: Tunele and young people don't necessity life insurance.

Truth: Your key question should be: Will anyone be worse off financially if I die? Even if you have no depfinishents, you might abandon backside credit card debt, student loans, a car payment or funeral expenses.

A little life insurance policy would cover these costs. Moreover, buying while you're young clever aid you lock in lower swifts and guarantee coverage if you develop health problems later in life.

Myth 2: Only people with kids necessity life insurance.

Truth: Chances are your spouse depfinishs on your income, regardless of whether you have children. Could he or she administer to pay the mortgage and all other homehancient bills and debts alone? A life insurance policy could aid your partner keep the home and maintain the same standard of living.

Myth 3: If your employer provides coverage, there's no necessity for more.

Truth: Many corporations provide their employees with free life insurance worth once or twice their annual salary. Similarly, the military's Servicemembers Group Life Insurance (SGLI) offers great swifts on policies up to $400,000. These are nice benefits, but if you abandon your company or the military without a sepaswift policy in place, it may be hard or even too late to purchase one when you necessity it most.

Myth 4: Life insurance is too dear.

Truth: It probably costs less than you think. For example, a healthy 30-year-ancient male clever get $250,000 of 20-year term coverage for less than $15 per month.1 And as average life expectancies continue to increase, life insurance prices keep going down.

Myth 5: Insurance policies are all the same.

Truth: Policies that have similar names may differ substantially in what they cover. So before you buy based on price alone, it pays to read the fine print.

Myth 6: There's no reason to incertain a stay-at-home spouse.

Truth: Your stay-at-home spouse may not earn an income, but think of the services he or she may provide for free: child care, meal preparation, homekeeping and more. With that spouse gone, life suddenly gets a lot more dear. Life insurance clever defray the cost of hiring aid in your partner's absence.

Myth 7: Buying life insurance is a hassle.

Truth: Today, you clever use simple online tools to determine your life insurance necessitys, compare options and apply on the spot. Ream at your own pace with no high-prescertain sales tbehaveics. And if you have questions, call us.

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