We all know that life insurance is essential. But what do we know about it? Unfortunately, many myths circulate, and people make decisions based on misconceptions.
This blog post by Family First Life – Strong Tower & Hammer Lane Consultants dispels some common life insurance myths to help you make an informed choice. So, if you’re curious about life insurance, read on! You might learn something new.
1) I’m Young and Married, So I Don’t Need Any Life Insurance.
Even if you’re young and healthy, something could happen that would leave your loved ones with a lot of financial stress. If something happens and you don’t have any life insurance, your family could be left with funeral costs, bills, and other expenses. Life insurance benefits can ease the financial burden on your loved ones in case of your death.
2) I Can’t Afford Life Insurance.
The fact is, you can’t afford to be without life insurance. The premium of a policy depends on your age, health, and the amount of coverage you choose. There are several types of policies available, so there’s sure to be one that fits your budget.
Plus, many employers offer group life insurance as a benefit, so be sure to check with your company.
3) I Can Use the Life Insurance Policy My Employer Offers
Employers often provide life insurance as a benefit, but it probably won’t be enough to cover your family’s needs.
The typical employer-provided policy is one or two times your annual salary and usually ends when you leave the company.
You can also consider buying an individual life insurance policy, which can provide more coverage than most group plans offer. However, keep in mind that a personal plan will cost more because it could last longer and have higher benefits than your employer offers.
4) I Can’t Convert a Term Life Insurance to a Permanent Plan.
It is possible to convert temporary coverage to a permanent plan. Still, the process can be expensive, and the new policy may not have the same level of benefits as your original term life insurance.
If you’re thinking about converting your coverage, make sure to shop around for the best deal and consult your agent.
5) I Have Sufficient Savings, So I Don’t Need Life Insurance
Savings may be sufficient at some point in your life, but unexpected events like early retirement or job loss could wipe out the saved funds. If this happens, a life insurance policy protects your family from financial hardship.
Even if you’re not planning to use it for several years, having coverage now will give you peace of mind knowing something is protecting them when they need it most.
While there are many myths and misconceptions about life insurance, the truth is that everyone should have some form of coverage. The important thing is to work with an experienced agent who can help you find the right policy for your needs and budget. At Family First Life – Strong Tower & Hammer Lane Consultants, we offer reliable insurance services to families in Fort Worth, TX, and the surrounding areas. Contact us today to learn more about our policies and get a free quote.