Common Myths about Life Insurance

There are a lot of confusion when it comes to life insurance. Most people are unsure when and what kind of life insurance to get for the most part. Some procrastinate thinking they have all the time in the world and the reality of death does not sink in their minds. Lack of knowledge about it leads to wrong and sometimes dangerous information that many believes. Here are some common myths about life insurance.

1. It is okay to depend on your life insurance through your job. There's no need to get a personal life insurance policy.

Life insurance through work is a great benefit but once you leave the company, your coverage ends too. It is wiser to get a personal life insurance especially while you're still young and in good health. There are several good options out there that are affordable and will cover your needs.

2. Having health issues disqualifies me from getting a life insurance.

There are companies that still covers people with health problems. Just be informed that they tend to be more expensive and coverage may be lower, but it is possible.

3. It is too expensive.

A research conducted by LIMRA shows that 25% of Americans said they need more life insurance, but only 10% planned to purchase it. A big reason for this is that most people think that getting a life insurance can be too expensive. If you start young, the chances of getting it in a more affordable cost are higher but that being said, older people can get decent prices that won't break the bank with good coverage. The best way to achieve this is to shop different companies and talk to an agent.

4. You don't need life insurance if you are single, or married with no children.

Having a life insurance can help cover your debts and also provide for your spouse or other loved ones even if you don't have children. Your beneficiaries whether it's your niece, nephew or sibling can help provide financially to them.

5. If an unlikely event that you passed away in a different country, life insurance does not cover you.

Most policies will pay your beneficiaries if unfortunately you passed away in a foreign country. Just be aware that some insurance policies exclude certain countries that are currently on the U.S Department of State Current Travel Warnings. Call your agent to find out prior leaving the country.

Be more informed about life insurance. Don't delay. Find an agent and ask about the different life insurance policies that will be beneficial to your needs.