Like professionals in any line of work, those of us in the field of life insurance often hear from consumers who are misinformed about our industry. This is why we are devoting today’s post to the topic of common life insurance myths. Let’s take a closer look:
Life Insurance is Designed for Older People
Many young consumers believe that life insurance is intended to protect older generations. This however could not be further from the truth. Life insurance is intended to protect people of all ages and income levels. In fact, life insurance products are much cheaper when you buy them at a young age. So do yourself a favor, don’t wait until a later stage in life to compare life insurance premiums!
Life Insurance is Too Expensive
As we stated, life insurance premiums are lower when you’re young and healthy. Though they do rise as you age, life insurance premiums are typically much less expensive than you would expect. In fact, the 2014 Life Insurance Barometer revealed that the average consumer under the age of 25 overestimates the cost of a life insurance policy by nearly 10 times. If you are under the impression that you cannot afford life insurance, we urge you to investigate a bit further. You may very well find that you’re eligible for very affordable life insurance premiums!
Life Insurance Only Benefits My Family After My Death
Many permanent life insurance products offer investment opportunities far beyond simple death benefits. If you’re uneasy about purchasing a life insurance product because you feel it lacks investment opportunity, think again! Many permanent life insurance plans allow you to draw upon your policy’s cash value during your lifetime. All cash value that remains in your policy at the time of your death is then left to your beneficiaries, giving you the freedom to access cash when you need it and ultimately leave a legacy.
There you have it; three of the most common life insurance myths debunked. Now are you ready to compare your life insurance options? Allow us to help you secure an affordable policy that will benefit you and your loved ones for years to come
