By David Ross
Many people avoid buying or even thinking about buying life insurance because they believe one or more of these myths about life insurance.
Myth #1: Life insurance is too expensive.
A healthy non-smoking 40-year old male can have his life insured for $250,000 under a 20-year term for less than $20 a month. A 30-year term policy for the same $250,000 is only about $30 a month. Compare these low amounts to a cell phone bill, a cable TV bill, or a latte every day. Life insurance isn't expensive -- it's downright cheap, an amazing bargain.
Myth #2: Only married couples or people with children need life insurance.
Life insurance is meant to benefit any beneficiaries who would suffer a financial setback in the event of your death. This could include spouses, children, parents, employees, business partners -- anyone who is in some way dependent on your income or the income your activities enables them to earn. Life insurance is also designed to make sure your final expenses -- funerals, final bills, mortgages -- can be paid for after your death.
Myth #3: Your health status will keep you from being able to get life insurance.
While it's true that people with critical illnesses or already in the end-stages of life may be uninsurable, most people who have chronic health conditions (diabetes, asthma, high blood pressure, for example) or who smoke cigarettes are in fact insurable. Yes, some people may pay higher rates than healthy people because they present a greater risk, but they are still usually insurable.
Myth #4: You have to have a medical examination to get life insurance.
Many companies will insure you just based on a phone interview or your answers to a few questions. Companies that utilize full underwriting may require a visit to your home or office, at no expense to you, by a nurse who will take your vital signs, a blood and urine sample, measure your height and check your weight, and ask you some health questions.
Myth #5: You have adequate life insurance coverage through your employer.
Coverage you have through your employer usually ends when you leave the company. Because you did not buy your own insurance when you were younger, relying on the employee plan, your rates after you leave your job will be higher because you're now older. Sometimes an employee can convert their coverage into a personal policy, but the rates will usually increase dramatically when you're no long a member of the employee group that bought the original policy. Chances are also high that the amount of coverage you have from your employer is not nearly enough to cover your family's needs should you pass away prematurely.
These five myths are false. Life insurance is something most people need, and that most people can afford. Call or email me (678-654-95oo or firstname.lastname@example.org) or your local life insurance agent today.
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• Independent Life & Health Insurance Agent
• LegalShield & IDSheld Independent Associate & Director