So why do people avoid buying life insurance before it’s too late? There are many myths about life insurance and we’re here to debunk those myths!
Myth 1: Life insurance is expensive. FALSE! On average, millennials overestimate the cost of life insurance by 213%! For a young and healthy adult, the average cost of a $250,000 life insurance policy is around $160 annually.
Myth 2: The choices are overwhelming. FALSE! While there are many different varieties of life insurance, the best choice for most people is a term life insurance policy. You should always consult your insurance agent about your options and they will help you choose the best policy.
Myth 3: I’m young and healthy. I don’t need life insurance. FALSE! The younger and healthier you are, the cheaper your life insurance policy will be. You are never too young, or too healthy, for life insurance!
Myth 4: Stay-at-home parents don’t need life insurance. FALSE! If you’re a stay-at-home parent and you pass away, who will take care of the children? Also, your surviving spouse will need to continue working and may need to hire help. Life insurance could help him or her pay for these costs.
Myth 5: Life insurance through an employer is sufficient. FALSE! While group life insurance is a great benefit, the payout is typically low and may not support a young family. What happens if you lose your job or change jobs? A workplace policy doesn’t follow you. Having a personal policy is the safest and best option.
Here are family-owned Jankowski Agency Inc, we believe family always comes first. Don’t believe in life insurance myths, do your own research. Protect your family and loved ones today by calling us at 518-883-3415 or visiting us online to get started on your life insurance quote today.
Source: nerdwallet