When it comes to life insurance, there are a whole host of misconceptions running rampant in the popular consciousness. This is partly due to the fact that life insurance is a big decision, so there’s confusion surrounding the topic, and plenty of intricacies to navigate.
In the absence of expert guidance, myths about life insurance take hold, says insurance education resource insuranceguidelocal.com, so today, we’re going to take a look at some of the most commonly held false beliefs about life insurance and shed some light on them.
Single People Don’t Need Coverage
Perhaps the biggest myth surrounding life insurance is the idea that you don’t need coverage if you don’t have a spouse or any children. In reality, though, a potential spouse or children aren’t the only family you have, and should you pass away, you will still have funeral bills (and potentially medical costs or personal debt).
Having life insurance, then, would make sense, even if you are single, to cover whatever unpaid expenses arise at the end of your life. What’s more, as a single individual, you can even use life insurance to leave behind something for a charity or cause in which you deeply believe.
Nobody Can Afford Life Insurance
Here’s another big one — life insurance is too expensive for all but a lucky few to afford. This sentiment, while prevalent, is also pretty far from the truth, as most tend to overestimate how much insurance costs (it’s actually affordable for many).
It mainly hinges on finding the right kind of plan to fit your personal circumstances, and, of course, staying as healthy as you can to keep your premiums reasonable. Do that, and you should be able to find a policy that fits your budget without a great deal of difficulty. Should your circumstances change down the line, you can always purchase additional coverage.
There Are Too Many Choices
On this point, there is a kernel of truth. There are a wide variety of life insurance policies available for purchase. Dig a bit deeper, though, and you’ll discover that, for most people, a straightforward term life insurance policy is all you’re going to need.
These types of policies grant you a set level of protection over a set period of time. As long as you pay your premiums, you’re good to go!
Reconsider What You Thought You Knew
The list of myths goes on, and there’s no shortage of correct information regarding life insurance abound. If you’re interested, be sure to do your research and learn what life insurance is really about and how it can benefit you.