If you’ve ever wondered what is whole life insurance? or what the difference is between term life insurance and whole life then you can simply learn about it by going online or calling an insurance agent. They will be more than happy to help you out and sort things out for you. It is safe to say that many people have misconceptions about life insurance, that it is expensive or that they don’t need it. We are here to look at the seven most common life insurance myths and try to debunk them.
Myth 1: Single? Then You Don’t Need Life Insurance
This is the most common myth about life insurance. People think that if they don’t have a spouse they don’t need it. That is wrong. You have to think about it like this: will my death cause my family or friends or business partners any financial damage? If the answer is yes, then you need at least a small life insurance that will cover all your debts.
Myth 2: I Have No Children, nor Do I Plan to Have Any
That is your choice and it should be respected, but children aren’t the only ones you might need to look after you are gone. Will you want your spouse to be left with a huge mortgage on your house? We don’t think so.
Myth 3: I have Poor Health, therefore I cannot Get Life Insurance
People in poor health can get life insurance. You don’t need to be in top-notch condition to have a life insurance policy approved. Just do a quick search online and see what the conditions are.
Myth 4: Term Life Insurance is Better than Whole Life Insurance
Sometime it is, but not always. Whole life insurance has an additional investment plan attached to you that could really work for you in times of need. Learn more about it!
Myth 5: Life Insurance is Too Expensive
No it is not! Any company out there is tailor its policies to suit their clients’ financial plans and needs. You will be paying exactly the amount you can afford.
Myth 6: It’s Too Much Trouble to Go through the Process
When you think of it, it is. But in reality all you need to do is maybe invest an hour or so on scouting the companies available in your country or area and make a call. Their agents will be more than happy to answer your questions and set you up with an offer.
Myth 7: My Employer Provides Coverage, No Need for Additional Coverage
Many companies provide their customers with a nice life insurance plan, but why not take the matter into your own hands and make sure everything is alright in case disaster strikes.