Whether you’re looking to get a policy for the first time or you’re in the business of selling life insurance, there’s conflicting information abound. Myths pervade the insurance scene, making it difficult to get a straight answer when you need it, but today, we’re going to cut through some of the misinformation that exists and set you straight on some of the common misconceptions people have when it comes to life insurance specifically.
Life Insurance Is Just Too Expensive
Perhaps the most common untruth regarding life insurance is the idea that it simply costs too much for the average person to afford. In reality, most people overestimate the costs of life insurance, and this is especially the case with younger adults, who, if they are healthy, can often find a suitable policy for less than $200/year.
Don’t Need Insurance If You Don’t Have Kids
From a certain point of view, this myth makes sense, right? If you don’t have dependents, then why do you need life insurance? What this line of thinking fails to take into consideration, though, is the fact that life insurance benefits don’t always have to be for dependents, and can also be used by your loved ones to cover debts you may leave behind upon your passing, such as a mortgage, car loan, educational loans, etc.
The Choices Are Too Numerous To Contend With
Many people feel that because of the sheer number of different life insurance policies that exist, they’ll never be able to find the one that works for them. Thankfully, this is untrue. While there are indeed a great many types of life insurance, term life insurance is suitable, and perhaps even the best choice, for most people.
You Can’t Get Life Insurance If You Have Health Issues
While it’s true that very severe health conditions may prevent you from obtaining life insurance, that doesn’t mean you can’t get life insurance if you have a condition that is more manageable, like diabetes. Having such a condition may result in higher premiums, certainly, but to say that they’ll completely bar you from getting life insurance is usually false.
You Can’t Get Life Insurance If You’re Old
Similar to the above, this line of thought simply isn’t true. Even if you’re over the age of sixty, you can still obtain term life insurance that works for your needs, and in fact, there are some insurers who specialize in helping individuals as old as eighty (or even older in some cases) obtain the types of policies that fit their life goals.