Life insurance isn't exactly Bigfoot, the Loch Ness Monster or the Chupacabras, but it has still were able to generate plenty of myths over time. That is inconvenient when all that's necessary to complete is make certain your loved ones will be financially protected when the worst happen.
In the spirit of creating life insurance coverage simple, we've chose to tackle six from the tallest tales that report to it.
Myth No. 1: Everybody needs life insurance
The main purpose of life insurance would be to make sure your dependents are financially protected should you die and your income is no more at hand. (As you have no income anymore. Because you're dead). So if do not have dependents – no spouse, children, aging parents, unusually needy pets – you may not need life insurance.
But of course, it's not that simple. Even without dependents, you could still need life insurance for those who have debts (charge card, student education loans, unregulated poker game) that may be passed on to your loved ones in the event of your demise.
Also, if you are currently young although not that young, and can have dependents soon (perhaps you're considering marrying or having/adopting a young child), you might you will want life insurance coverage now to lock in a lower premium, according to your present age and health.
Myth No. 2: Life insurance is expensive
Life insurance could be expensive depending upon the kind of insurance you purchase, how old you are and health, for example, but generally, term life insurance is more affordable than you may think. Actually, term life insurance is more affordable now of computer has have you been. For example, a healthy 35-year-old man might get a 20-year, $500,000 Haven Term life insurance policy from MassMutual for as little as $24 a month. Also, for you personally, personally, life insurance may be more affordable now of computer come in the future because premium costs rise as you become older.
Myth No. 3: To buy life insurance coverage, you should utilize an agent
Not only do you not require a real estate agent to obtain term life insurance, you do not even need to placed on pants to obtain life insurance. With Haven Life, the process happens online, whenever it's convenient for you.
If you need a medical exam as part of your application process, you are able to schedule that at your house . or office when it's convenient for you personally.
Myth No. 4: Your wellbeing disqualifies you against getting life insurance
While it’s correct that a person in poor health may not qualify for insurance coverage, being in sub-standard health often doesn’t automatically mean you won’t get coverage.
A life insurance coverage company can make an exam of the health insurance and additional factors, making a coverage decision according to that. You'll pay more should you smoke or have other health issues, but most insurers exercise an insurance policy that matches you, Also, if you're curious about this, you can aquire a term life quote from an online life insurance coverage cost calculator.
Myth No. 5: If you're young and healthy, you don't need life insurance
It would be nice if life worked like that, but it doesn't. If you're young and healthy you are less likely to die unexpectedly, but “less likely” is extremely different from “ain't gonna happen.”
Do you wear a seatbelt when you are driving? Being young and healthy can't shield you from everything. But what it can shield you from is high life insurance coverage costs. The younger and healthier you're, the less you will pay for a lifetime insurance, therefore if it is something you're considering buying, it's in your financial self-interest to do this at some point.
Myth No. 6: If you curently have life insurance from your employer, that's all you need
That is very most likely not the case. Group life insurance coverage which comes from your job included in a benefits package is often affordable and worth having, however it has two limitations:
The first may be the amount of coverage it offers: there is a good chance the policy quantity of the insurance policy from your job wouldn't be enough to satisfy your family's financial needs in the event that you die unexpectedly.
The second limitation of employer-provided group life insurance is that, like the fancy chair at the office, you probably can't take the policy along with you if you leave your work, or you can, it might be prohibitively expensive to do so.
Move beyond the myths
Now that we've debunked the six tallest tales about life insurance, you are able to decide about the life insurance coverage suited for you.
Fortunately, it's simple to apply online with Haven Life and obtain your personalized-to-you rate.