Don’t Buy Into These Life Insurance Misconceptions
Life insurance may not be the most thrilling subjects in the world, but it’s still important to consider. To get the most from it, it helps to know the facts and not rely on inaccurate myths and outdated misconceptions. To help, we’ve rounded up a few common life insurance myths and the truth behind them. To learn more about life insurance in Long Island, NY, read on.
Myth 1: I’m too young to worry about life insurance.
The benefits of life insurance aren’t paid out until after your death so it’s natural to believe that you won’t need life insurance until much later in life. Accidents happen, and life insurance can help your family pay for funeral expenses and cover remaining debt. Getting life insurance is more affordable the younger and healthier you are.
Myth 2: I’m single – I don’t need life insurance.
Even if you don’t have dependents or anyone who you would want to list as a beneficiary on your policy, there are benefits from a whole life policy that you can access while you are still alive. A whole life insurance policy can help you build cash value that you can then borrow against.
Myth 3: Life insurance is too expensive.
In reality, life insurance can be as affordable or as expensive as you let it be. Rates vary quite a bit and are influenced by a variety of factors, such as your health, family health history, and your budget. One major factor in your premium rate is your age, which is why it pays to lock in low rates while you are young and healthy.
Myth 4: My employer provides a policy, I don’t need any more coverage.
Many full-time employees are able to purchase a discounted life insurance policy from their employer. The problem is policies only cover you if you remain with that company. If you leave or get fired, you may find yourself without coverage. Having your own personal policy to supplement an employer’s is a great way to lock in low rates for the long term.
Life insurance doesn’t need to be difficult to acquire. Talk to the professionals at Premier Risk Insurance to find out how you can acquire affordable coverage. We serve Long Island and surrounding cities in New York, and we look forward to hearing from you today.