| Life insurance myths are plentiful: Many people think they don’t need life insurance, they’re adequately covered through an employer’s policy, or they can’t qualify or afford it. Here’s the truth behind these myths.
1. If you’re young, you don’t need it. In reality, life insurance could help your family pay your final expenses if you pass away from an unexpected accident or illness. If a parent has cosigned a loan with you, naming them as your beneficiary on a life insurance policy means they won’t be saddled with the loan if you pass away before it’s paid off. Buying life insurance when you’re young may also help you lock in lower rates in the long run since premiums are partly based on age and increase as you get older. 2. If you don’t have dependents, you don’t need it. Think ahead to the future: Do you hope to have a spouse or children someday? If so, getting insured now means that you can protect them later, even if something happens to your health in the meantime. 3. If your employer provides it, you’re set. What happens if you lose your job, though? Don’t expect to take your policy with you. Further, work-based life insurance might not provide as much protection as you need, and if you’re healthy, you might find a better rate with an individual policy. 4. You think you can’t afford it or won’t qualify because of your health. Today’s market offers many policy options, making it possible for almost anyone to find one that meets at least a portion of their needs. Don’t assume anything before researching the choices available. |
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