Life Insurance Myths That Could Hurt Young Families

Myths and the Truth Behind Them


As with anything in life, there are a number of myths surrounding the topic of life insurance. Unfortunately, these common misconceptions can impact young families, causing them to overlook life insurance on Long Island, NY altogether or incorrectly understand a policy. We take a look at the top three myths about life insurance that can negatively affect young families.


Myth 1: I only need life insurance if I’m the main earner of the family

Whether you bring home the largest paycheck in your household or the smaller one, your family relied on your work and income to maintain its quality of life. If something were to happen to you, it would be missed, which is why adults should secure life insurance. Even stay-at-home parents need coverage. They provide valuable services to the family such as transportation, cleaning, cooking, and childcare that would all be costly to replace.


Myth 2: If I buy term life insurance and outlive the policy, I can always renew

Term policies are popular with young families because they offer the greatest coverage for the lowest cost. Term life insurance covers you for a period of time, say 10 or 30 years. However, if you outlive your policy, you may not always be able to renew it for the same coverage and premium. Because premiums increase with age, renewing your policy when the term expires can be very expensive. If your health has declined considerably since taking out the first policy, then renewal may be impossible.


Myth 3: Life insurance is expensive

Truth be told, life insurance can be as expensive or inexpensive as you make it. For most people, coverage starts at what they would pay for coffee every month. Working with a qualified life insurance agent is a sure way to make sure you get the coverage you need at the right cost.


Ready to get started on your life insurance policy? 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.