Biggest Myths About Life Insurance

Only the truly morbid like thinking about their own death.  Taking it even further and using the topic to do some future planning for your family does not make it much easier.  So what are some of the biggest myths about life insurance that can be put at rest to make this easier?

Biggest Myths About Life Insurance

 

It’s Expensive!

Most people think that life insurance is expensive, to the point that most people estimate the cost to over 100% of what it actually costs.  Millennials take it up even a notch further by over estimating by over 200%.

It surprised many that they could get a good policy for less than the price of a cup of coffee a day.

I Have Enough Coverage Through My Employer

If you do have Life Insurance through your employer it is normally enough to replace your base salary for 1 or 2 years.  This is no where enough to provide the needed financial security for your family going forward.

These type of policies normally are only good for when you are employed with the firm and ends when you leave their employment.  The cost to convert the policy to a private one can cost you more than starting up a similar plan by yourself.  It would be a good idea to augment what your employer provides with a private policy as this will ensure your family’s financial future and provide much needed peace of mind.

I Can’t Qualify For Life Insurance

This simply is not true.  There are coverage options for even the most difficult people to insure.  Insurance companies take into account many things and can still provide coverage, though there may be a premium on the rate.

I’m Young and Single and Don’t Need It.

So you are single and don’t have dependents or a mortgage there still reasons to get insurance. For one the premiums will be much lower than if you wait until married and have kids.   If you die there will still be costs to cover and the last thing your family will need is that thrown on top of the grief they are experiencing.

Life Insurance Isn’t Available to Senior Citizens

Seniors can get life insurance from many companies right up to the age of 85 years old. You can still ensure you have coverage for things like final expenses, survivor income, charitable giving, and family bequests.

Its Up To You

AMC Insurance is your one stop for all your insurance needs. To find out more, visit us on facebook or our website or call us today.

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