Most of the time, it seems tough to figure out all the options and technicalities when talking about Life Insurance. Although it is not that difficult to choose the best option for you and your family, there are a lot of misconceptions about Life Insurance – do you need it, when do you need it and how much will it cost you. The truth is, Life Insurance is very important, because it helps you protect your loved ones if something bad happens to you. However, since it is not very easy to think about “What would happen with my family if I pass away?”, some people tend to look on Life Insurance with hesitation. This is further backed up by the numerous insurance myths surging around the Internet
Luckily, we also double as Insurance Myth Busters. In this article, we will take a look at the most common Life Insurance misconceptions and see why they are simply not true.
Myth #1: I am single, no spouse, no children, so I don’t need Life Insurance!
Well, you do. The thing is, accidents happen even to single, young and healthy individuals. Sure, you don’t have wife/husband and children, but you still have parents or some kind of relatives. If something happens to you, there is a chance they won’t be able to cover your medical and funeral bills. Also, if you have any unpaid expenses or debts, like student loan, for example, those debts will be left for your family to deal with.
However, if you have insurance, your family will have everything they need to cover your debts and pay all the bills. А value accumulating life policy like an Indexed Universal Life policy can be an excellent tool to put away cash that can be used later if need arise.
Myth #1 – BUSTED!
Myth #2: Life Insurance costs too much and there is no way I can afford it!
According to a study, more than 80% of consumers tend to misjudge the costs of this type of insurance. They think it’s pricey and unaffordable. Well, this is totally untrue.
The truth is, you can tailor Life Insurance according to your budget and the coverage you are looking for. Depending on the coverage, you can get great affordable rates. We at Argo, for example, encourage our customers to talk to our licensed Insurance specialists, because they can give them extended information and help them create a protection plan that fits their needs and budget. You can get a quote from multiple insurance carriers and see what you can afford right at your fingertips here:
Myth #2 – BUSTED!
Myth #3: My employer-provided Life Insurance is enough, thank you!
Not entirely, no. Sure, it is a start and it provides some coverage. However, it is not nearly enough. Usually, the employer-provided insurance is restricted to 1-2 times your salary. If you make a good living, this restriction may not bother you at all. However, in most cases it won’t be sufficient to cover all the expenses in case something happens to you, especially if you have a family. If you have spouse and children, additional coverage will be necessary.
Also, the employer-provided insurance policy isn’t portable. This means that if you leave your job, get laid off or fired, you lose your Life Insurance exactly when you most need it. Having your personal Life Insurance is better. Always.
Myth #3 – BUSTED!
So, there you have it, three of the most widespread Life Insurance misconceptions busted. It is always better to separate fact from fiction, and we hope our list helped you do exactly this. But, as we’ve mentioned earlier, consulting with some of our licensed insurance professionals will help you receive the full information and get the best coverage for your budget.
Contact Argo Insurance to get expert advice and discuss all the options that we have for your insurance. Call us now for a quote or compare offers from multiple quality companies right here: