Myths:
- Life insurance is expensive!
This is one of the biggest misconceptions. Many people overestimate the price for a given policy! People tend to think life insurance is more expensive than it really is, for protection that they truly need.
- I don’t need life insurance!
Most people don’t want to think about their own mortality in advance. However all of us are human and we will eventually die at some time in the future, we just don’t know when. It is just a fact of life. Even though we really don’t like to think about our own mortality, it is prudent to plan ahead by purchasing life insurance so your loved ones will be financially taken care in the event of your passing. Many people only start to think of purchasing life insurance when a family member, relative, or close friend passes away. That event jolts them into taking action of purchasing life insurance for themselves. Think back of when somebody close to you unexpectedly passed away. Did the departed have life insurance? If not, what happened the survivors? You really shouldn’t wait for a jolting event like that to happen to “somebody" close to you before taking action and purchasing life insurance! That “somebody" could be you instead!
- Once you buy life insurance, you just set it aside and forget about it!
You should revisit your life insurance policy annually or upon major life events such as:- Birth or adoption of a child
- Deaths, Divorces and Marriages
- Employment, career, or income changes
- Sale or purchase of a home
- Taking on the care of a parent or relative
- Planning or nearing retirement
- Planning for a child’s education or wedding
- Starting or selling a business
- Tax-law changes
Note: Changes to the amount of coverage should be considered to determine if you still have enough to meet your beneficiaries future needs. Example: A $1,000,000 may seem like a lot to many people, however if you have a spouse, a couple or more children that plan on going to college, and also have some existing debt that same $1,000,000 may not get them very far!
- Having life insurance through your employer is enough and I’ll have it when I leave!
The first point is the amount of coverage your employer provides. Is it enough?
The second point is your life insurance policy portable? Meaning can you take the life insurance with you if your employment with that company gets terminated? (Regardless whether you quit or got fired.) - I’m young and don’t need life insurance. It is for old people!
You may be young but that doesn’t prevent you from accidents and illnesses!
You can lock in the best rates for your entire life while you are young and healthy! Rates increase with age and deteriorating health.
Second point is that younger people are more likely to have small children, big mortgages, and very little savings. That is a recipe for disaster should the breadwinner unexpectedly pass away, leaving the survivors to fend for themselves. - It is not available for older people.
Even if you are over 80 and in very good health, you can generally buy life insurance. Key factor of your approval would depend on your health. At that age, you may want to consider a shorter term policy to help keep the cost down. Of course the cost of the coverage for older people is much higher. Older folks may also want to consider final expense insurance. That type policy is designed to pay off final debts and burial expenses as not to burden their surviving family members with large expenses when they pass.
- The choices are overwhelming.
Yes it is true that there are many varieties of life insurance, but with the guidance of a professional licensed insurance agent he or she can guide you to the type of policy that best fits your needs and/or budget. - If you have health issues, you can’t get approved.
Barring a terminal health condition, chances are good that you can still get approved depending on your individual circumstances. However your life insurance premiums most likely will be higher due to the additional risk. - I can lie about a medical condition to get the best rates.
Lying doesn’t work! Eventually the truth will come out and your claim may be denied when your beneficiaries need the money the most! - The Internet offers the best deals!
You will not only be missing out on having a real live person who will listen to your specific needs, understand and process all the information to meet those needs, but the actual pricing is pretty much the same whether you go online or through a live in person agent! With a live person you can get personalized service who can explain all the confusing insurance jargon, answer your questions, come directly to your house, work, or where ever convenient for you. Plus if your live agent is like me, you’ll have great service!
Note: Life Insurance information can be confusing to many people. As an "independent licensed agent" I can explain things to you in simple terms so you feel comfortable making a decision. Then I can help you choose a life insurance policy, from many choices of different insurance companies, that you feel fits your needs. Plus if you choose to work with me you will have personalized service by a local agent that can shop premium quotes for you. If you would like my assistance to discuss and/or start the process of getting you insured please call me at 941-404-5334.
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