Maybe you think you're not a candidate for life insurance because of a pre-existing medical condition. Or perhaps you've decided to wait until you're older to take out a policy, or that you don't need a life insurance policy because you've already got one through your employer. Can you relate? If so, it may be time to change your thinking.
Far too often, people believe they don't need an insurance policy. But those beliefs are often based on myths. And while it may not be problematic in the short term, your decision not to invest in a life insurance policy now may be a downfall in the future.
Below, we bust five of the biggest myths about life insurance policies.
“I have a policy through my company. I don’t need another.”
Sure, but what will happen after you leave the company, you retire, or the company decides to do away with their life insurance benefit altogether?
If your only life insurance policy is through your organization, that’s a good reason to invest in one you won't lose once the job ends. Having your own policy can be extremely helpful if you become unemployed, as it can help keep your loved ones financially secure and offer peace of mind during a stressful time.
“It’s only helpful after I pass away.”
Think of your life insurance policy as financial protection for every adult life stage. You could live for decades after you retire, but without good financial planning, or if the market takes a severe turn, your finances could be at risk, making your golden years tarnished and stressful.
If you incur medical or other significant expenses later in life, your life insurance policy may help cover living and housing expenses. At the very least, it helps ensure that you won't leave your loved one with your debt when you pass away.
“I’ve got a pre-existing condition.”
Do not let a pre-existing medical condition stop you from taking out a life insurance policy. You may be surprised when your risk is assessed and learn that your pre-existing condition isn't considered a risk after all.
Essentially, the provider will look at the bigger picture and base coverage on a variety of things, including your overall health and the average assumptions of certain health conditions.
“I’m young, healthy and single."
Just because you're not going gray (yet) doesn't mean you don't need life insurance. With it, your loved ones have a much lesser chance of taking on your debt from student loans, for example, due to death, disability or major medical issue.
Premiums are usually lower for younger people. So, if you invest in a life insurance policy in your early adult years, you could have excellent protection by the time you retire.
“It’s too expensive.”
Not true. In fact, life insurance premiums can be adjusted for your budget and needs making many types financially ideal at any age. If you're on a tight budget, we recommend choosing a life insurance policy that requires only a minimal investment. You can always increase your coverage when you have a higher income.
Ready for a life insurance policy? The team at Roehr Insurance Services Agency is here to help. We can match you with the best plan for you – no matter what phase of life you're in. You're never too young or old for peace of mind.
