Have you ever heard confusing things about life insurance?
You might think that life insurance is designed for older people or that coverage isn't within your budget. But you shouldn't always believe what you hear.
Here's the truth behind four common life insurance myths.
Myth #1: You can't afford life insurance.
If life insurance were only for wealthy people, insurance companies would be failing to serve a vast market. There are lots of different types of policies and ways to structure them. As a result, almost anyone can find at least some coverage at a reasonable price.
Myth #2: You can take your policy with you if you switch jobs.
The life insurance you get through an employer isn't always portable. An individual policy offers more security because it will stay with you no matter where you work, including if you're unemployed or leave the workforce.
Myth #3: You don't need coverage if you're unemployed.
Your need for life insurance isn't based on your income: It's based on your expenses and the support you provide for your loved ones, whether from income, caretaking or both. If you pass away unexpectedly, your beneficiaries will appreciate having the financial security to get their lives back on track regardless of what your employment status was.
Myth #4: You only need life insurance coverage if you're married.
While some people may postpone buying life insurance until they're married or have children, it also benefits single people. For example, a single person may want to leave money to a parent who has co-signed a mortgage or student loan or who may need financial support.
Have you or someone you know believed any of these life insurance myths? Feel free to share this newsletter if you think it could help.
Reach out anytime to discuss updating your policy or anything else.