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 item
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 people
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.
