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4 Common Myths About Life Insurance Debunked!

As your family’s head, you should consider what will happen if you pass away and your family doesn’t have any income. This is where life insurance comes in! It can help ensure that your family has enough money coming in to keep the bills paid and provide for their needs.

While the idea of life insurance seems like a necessity, many people hesitate to avail it, thanks to popular myths. In this blog post, we’re going to discuss four common misconceptions about life insurance so that you can make an informed decision.

1) It’s Expensive 

Life insurance companies offer a wide range of policies with varying coverage, so it’s essential to shop around and find the best policy for your family.

Millennials are often guilty of overestimating the cost of life insurance policies. Conducting online research can help you get quotes that suit your needs, and you can compare the premiums different companies offer.

You can get affordable life insurance from established providers like Family First Life – Strong Tower.

2) Life Insurance Is Not For Young People

The younger you are, the cheaper your premiums will be. There is no reason to wait until you’re over 40 or 50 years old before getting life insurance because the earlier you get it, the more affordable it becomes. If anything, millennials should buy a policy sooner rather than later to lock in their rates when they are still young and healthy.

3) My Employee Insurance Benefits Are Enough

Unless you plan on working for the same company your entire life, this assumption is pretty unrealistic!

Life insurance is not just for working adults but also retirees and stay-at-home parents. Even if you are covered through your employer’s group plan or Obamacare, it doesn’t hurt to buy additional coverage because the death benefit on these plans will likely be limited.

While many employers offer group life insurance benefits, this doesn’t mean that they provide enough coverage. Their policies often max out at $50k-$200k, which isn’t much when considering today’s average household expenses.

4) Savings Are Better Than Insurance

Many think they can use the money in their savings accounts to cover future expenses, but this is a terrible idea. Savings accounts go into default when you pass away, meaning your heirs cannot access them at all.

Life insurance policies are designed with cash value – which means that although death benefits will be paid out upon your passing, beneficiaries still have access to funds through dividends or loans as long as the coverage remains active.

While there’s no such thing as eliminating risk from life (aside from living under a rock), having an adequate amount of coverage for yourself and those who depend on you for support will ensure that much-needed financial relief is available should tragedy strike unexpectedly.

Get your life insurance policy in Denton, TX, from Family First Life – Strong Tower, an insurance company that offers protection and coverage. We cover you and your assets so your dependents don’t have to suffer in your absence. Contact us now for reliable insurance and safe money investment options.