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Life Insurance Myths Debunked

Apr 30, 2013

Life is filled with unexpected events. You may be wondering how you can protect your family if you have a health emergency or die. One answer is to get insurance. But you probably wonder what kind of insurance is needed, where to get it from and how much it will cost. It can be hard to figure out what is the right amount of coverage for you, so we have created a list of some of the most common misunderstandings about insurance coverage.

Myth #1: The smart way to purchase insurance  is to buy cheap.

Some people buy life insurance policies with the impression that the price is the most important factor. And it’s a mistake to think that the cheaper the policy, the better the investment. Of course, it’s better to get something instead of nothing, but if you have dependents you run the risk of reducing their quality of life if you die. The cheaper the policy, the less coverage it provides.

Busted.

Myth #2: All polices are identical, so why pay more?

Different policies have different amounts of coverage. Look through your contract to see what is covered and what is not. You may pay different prices for different amounts of coverage, so find out what you are being charged for.  First read – then buy!

Busted.

Myth #3: I have an illness, so I  can’t get insurance.

Did somebody tell you that you are not able to get a policy because of your health? That’s not necessarily the case. If you really have a serious illness but want to protect your family and their future, remember that the Affordable Care Act states that insurance companies can’t deny you coverage because of a preexisting condition.

Busted.

Myth #4: Don’t bother with insurance agents; you can find the best deals online.

The idea that the best deals are only online is a mistake. There are many insurance agents who are glad to help you and will find you the best policy for the best price. The Internet can be a good place to search too, but if you search only online you could miss important details that an insurance agent could explain to you. If you like personalized service with great results, agents are a great way to go.

Busted.

Myth #5: If you have life insurance through work, you don’t need any other life insurance.

     This one is a myth for many reasons:

  • Your insurance is only active while you are working at that company.
  • Insurance through the workplace usually pays out three to five times your annual income. Will it be enough for your family if something happens to you?
  • Usually life insurance through the workplace is very limited.

If you don’t have a family or any others who depend on you and your income, you may think that you don’t need any other policy. But if you look to the future and you care what will happen to those close to you, you will look into an independent policy so that your loved ones won’t have to pay for funeral expenses.

Busted.

Myth #6: I don’t need any life insurance.

If you are young and healthy you might wonder why you would need the protection of life insurance, But most polices are much cheaper if you purchase them when you are young. You also should consider who will care for your parents, as well as your own family. Life insurance is critical if you have a mortgage, credit card debt, personal loans, auto loans and other kinds of loans. The future is capricious, so prepare yourself for the unexpected.

Busted.

Life insurance is the only way to protect your family if you pass away unexpectedly. The proper policy will allow your beneficiaries to continue living in the way in which they are accustomed instead of having to reduce their quality of life.

 

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