The decision to buy life insurance is often met with confusion, denial or hesitancy. After all, it's not an easy subject to think about: What would happen if you were to pass away? However, your family's future depends on it. But, when it comes to protecting your loved ones, it's important to start by separating fact from fiction.
Myth: Life insurance is too expensive.
Fact: Life insurance could cost less than your daily latte! Most people overestimate the cost of life insurance to the point where they do not consider it at all. But the truth is, a healthy 30 year old could secure $250,000 of term life insurance for 20 years for around $30 per month – much less than most people think!
Myth: Life insurance is not important right now because I’m young & single.
Fact: Getting life insurance when you’re young and healthy means you can secure a lower rate on your premium than you may be able to later in life since coverage typically becomes more expensive as you age.
Plus, when you’re young and get a permanent life insurance policy, you can start building cash value.
Myth: I have life insurance through my place of employment, I don’t need a personal policy.
Fact: Though life insurance through your employer can be a great benefit, it might not be enough to provide for your family long-term. And, if you were to lose or leave your job, the employer policy may not come with you. So when you leave your job at 50, 60, or 70 and now you have no life insurance your personal rate will be higher than if you establish your own policy now!
Myth: I am a stay-at-home parent so I don’t need life insurance because I don’t have an income that needs to be replaced.
Fact: Even if you aren’t bringing in an income because you are a stay-at-home parent, consider the cost of child care. Sometimes, the cost of child care itself amounts to one parent’s income. So, if your surviving spouse (or partner) needs to hire help, the life insurance death benefit can help pay for the often expensive costs of child care.
Myth: I won’t be able to get life insurance because I have too many health issues.
Fact: Usually, unless your health issues are super severe, you can buy some form of life insurance. However, you will not know until you try - so call us and we can help you figure it out.
Myth: My family will be fine financially without life insurance
Fact: Think you have enough in your savings account if the worst happens? You might actually need to plan for more than you think. The typical rule of thumb is that you need seven to ten times your income in life insurance, enough to cover both current and expected future costs. Not sure what your ideal coverage amount is? We can help you calculate how much you need by taking into consideration mortgages, loans, daily household expenses, burial expenses, future college education expenses, etc.).
Myth: Life insurance is too overwhelming! There are too many options...
Fact: Don’t worry! Life insurance does not have to be difficult. We are here to help and answer your questions.