Homeowners have a straightforward insurance policy, car buyers typically understand the terms of their insurance coverage, but life insurance is a foreign concept for many people. As a result, there is often confusion about the types of life insurance available, terms, and the ability to purchase. If you’re thinking about purchasing life insurance but misinformation has left you questioning your eligibility, not to worry. Here are four of the most common myths about life insurance, and here’s the truth about this commonly misunderstood product.
Life Insurance is too Expensive
Different insurance companies offer different life insurance products for purchase. Many of the plans available are surprisingly affordable. Certain variables will affect the cost of your plan. For example, the cost will likely vary between a term insurance plan versus a permanent insurance plan. Things like your age and your health also come into play when calculating the overall cost of your plan. But the reality is that there are a number of affordable life insurance options. If you’re concerned that life insurance is too expensive, contact an agency today to get a quote. You may be pleasantly surprised about plan affordability!
I Don’t Need Life Insurance Because I Don’t Have Children
Many people feel they don’t need life insurance because they have no dependents. This is one of the most common myths about this type of insurance. Unfortunately, this line of thinking is problematic. Think of it this way: if you were to pass away unexpectedly, who would pay off your debts? Do you have enough set aside to cover funeral expenses? Would your spouse be able to maintain their quality of life with one income? Whether you’re married, single, or child-free, purchasing life insurance is a good decision for your family.
Life Insurance Isn’t a Product for Young People
There will eventually be a time when you need life insurance coverage. While that time may come when you’re older, it could also happen in the near future. One of the biggest benefits of purchasing a life insurance plan when you’re young is that premiums are much less expensive. If you’ve been putting off purchasing life insurance because you feel like you don’t need it right now, it may be time to begin researching plan options. Investing in life insurance early can help you save money in the long run.
I Can’t Get Coverage Due to My Health
Health concerns are one of the major reasons that people choose not to buy life insurance. Some people just assume they’re ineligible, but the truth is that many companies specialize in high-risk plans. Consider talking with a local insurance provider to learn more about your coverage options. Chances are there is a plan available for you, regardless of your health condition.
There are a number of common misconceptions about life insurance. Some people believe that it’s too expensive, that they don’t need it, or that they’re ineligible due to their health. In most cases, these things simply aren’t true. If you’re interested in exploring your options for life insurance, contact Alliance Financial Group in Canada for more information today!