¾«¶«Ó°Òµ

We all want what’s best for the people we love. Life insurance primarily provides death benefit protection, and it can help protect your family’s financial well-being and secure their future. But these common myths can keep people from getting their family the protection they need. Here, we dispel six misconceptions.

Myth: Life insurance is too expensive.

Most consumers overestimate life insurance costs, and millennials do so by as much as five times¹. You’ll never have more affordable insurance options than when you’re young and healthy¹. In fact, one survey places the cost of a 10-year term policy for a healthy male non-smoker age 25 to 35 to around $11 per month².

Myth: If you’re young and healthy, you don’t need life insurance.

In your 20s and 30s, you’re likely to be in good health. But if you die unexpectedly, life insurance can help your beneficiaries with expenses and can leave them more financially secure without your income.

Myth: If you have an impairment, life insurance could be out of reach financially.

Not true, say the experts. Many insurance carriers, including ¾«¶«Ó°Òµ, have affordable options for those with pre-existing conditions, such asÌýdiabetes and hypertension.

Myth: Life insurance is only for people with young children. Ìý

Should something happen to you, you want to make sure your partner is taken care of. And certain kinds of insurance, such as cash value life insurance, can play a crucial role in retirement planning for couples with or without children.

Myth: If you have life insurance through your employer, you don’t need any additional coverage.

If your workplace benefits include life insurance, that’s great, but one or two times your salary may not be enough to meet your family’s needs. And if you lose your job, you may lose your life insurance coverage. You may want to consider supplementing it with a private policy as well.

Myth: Life coverage can easily be renewed when the coverage experience expires.

By the time your term policy is up, your health may prevent you from easily getting another policy. And because premiums naturally increase with age, renewing may be cost prohibitive, which is why it’s best to get a term policy sooner rather than later. If you anticipate needing life coverage beyond the length of that term, consider a cash value policy. Work with a financial professional to ensure you have the coverage you need as part of your overall financial plan.