Life insurance is an important form of financial protection that many people overlook. It can provide your family with much-needed support in the event of your death, ensuring that your loved ones are taken care of and have the means to move forward in life.
Despite its importance, there are several myths about life insurance that may be preventing you from taking the plunge. Here we’ll discuss 10 of the most common misconceptions about life insurance.
Myth 1: I don’t see the need for life insurance.
If you have any financial obligations such as a car loan, credit card debt, or student loan, life insurance can be a great way to ensure your family is not left with these payments after your death.
Myth 2: I’m young, why should I buy life insurance now?
Being young and active can put you in more dangerous situations, increasing the chances of an unexpected tragedy. That’s why it’s important to consider life insurance even if you’re young and relatively healthy.
Myth 3: I’m a stay-at-home parent, so there’s no need to replace my income.
Even if you don’t have an income of your own, life insurance can be important. Your family may not be able to afford childcare if you’re no longer around, or they may not be able to afford college tuition down the line. Life insurance can help ensure that your family has the funds to cover these expenses.
Myth 4: My kids are all adults and my house is paid off, so why do I need life insurance?
Your family may still have other financial obligations, such as multiple cars, boats, or RVs. Additionally, if your spouse outlives you, he or she may not be able to afford care in an assisted living facility. Life insurance can provide the financial security your spouse needs to maintain the same standard of living you had together.
Myth 5: I’m a smoker, so insurance companies won’t consider me.
Most insurance companies will offer you coverage, though your premiums may be higher than those of a non-smoker.
Myth 6: Even if I quit smoking, insurance companies will always consider me a smoker and charge me more.
Insurance companies generally consider you a non-smoker if you’ve gone at least a year without smoking. So if you’ve quit, you may be eligible for lower premiums.
Myth 7: Life insurance seems too good to be true.
It’s not too good to be true—as long as you continue to pay your premiums, you’ll be covered.
Myth 8: Obtaining life insurance is too much of a hassle.
Getting a life insurance quote is fast and easy, and you can choose the best coverage for you.
Myth 9: I get life insurance through my job. Why would I need more?
The coverage you get through your job may not be sufficient to cover your family’s living expenses and future costs, such as college tuition. You should compare your coverage to your family’s needs and see if it is enough.
Myth 10: My mortgage lender provides me with coverage. Isn’t that enough?
Your mortgage isn’t the only expense your family will have to take care of after your death. Life insurance can provide the funds to cover other costs, such as medical expenses, funeral costs, and your children’s education.
Life insurance is an important form of financial protection that shouldn’t be overlooked. We invite you to start a quote online or reach out to us if you have any questions or would like more information. 1-800-679-2640 or email:
info@easyinsure.ca.