Many people think they can’t afford life insurance. Others think they don’t need it. But those are both common misconceptions.
Ready to separate the myths from the facts? Want to make the right choices for yourself and your family?
Here are a few things to know (and a few things to forget) about life insurance.
Did you know?
1. It’s affordable. Factors like your age and overall health affect your life insurance premium, but it’s possible to find coverage that fits into nearly any budget.
2. Life insurance is for everyone. Term life insurance is often thought of as a benefit for people with young children, but many other groups benefit from this kind of coverage.
- Single people. Even if you don’t have any dependents, life insurance can help cover any debts you may have.
- Stay-at-home parents. While stay-at-home parents may not have income, they provide their families with valuable services like childcare. Life insurance can help a surviving partner cover those costs.
- Older adults. Older people with adult children or no children may still want to consider life insurance, which can cover funeral expenses in the event of their passing.
3. You can still apply for life insurance during a pandemic. While some parts of the application process might be different, you can likely still obtain a policy. Keep in mind travel plans and other factors may affect your application.
4. Life insurance through your employer isn’t necessarily enough. Employer-sponsored life insurance typically has a fairly low payout, and in most cases you cannot take it with you when you leave that job. Personal life insurance policies are a useful supplement.
No matter what stage of life you’re in, you can explore life insurance. Reach out anytime if you have questions about your coverage options.