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10 Misconceptions About Life Insurance

People seldom like to consider their own mortality and life insurance is rarely a topic of conversation. However Cheap Ondrej Palat Hat , understanding the benefits of life insurance can help you plan for the future so life can go on with less to worry about.


Here are 10 of the most common misconceptions about life insurance:


1) Life insurance is only necessary for those who are married and have children


Everyone can benefit from life insurance 鈥搃ndividuals who are single, and couples with or without children. Single people also leave behind final expenses and may have others who depend on them.


2) It is not necessary to purchase life insurance when you are young
Life insurance is the type of product you have to buy before you need it. Purchasing life insurance when you are young and in good health allows you to take advantage of potential lower premiums.


3) Life insurance provides no benefits for the living


Although life insurance can provide money for your family upon your death, there are also types of life insurance that can play a key role in your own financial plan. These types of life insurance policies offer a number of 鈥渓iving benefits鈥? including the ability to access money to pay tuition, contribute to a down payment on a home Cheap Alex Killorn Hat , help to fund a business, or help to meet your retirement needs.


4) Life insurance is too expensive


Many life insurance options are extremely affordable.


In fact, a healthy 40-year-old female non-smoker can purchase $250,000 of life insurance for $24.98 per month* (less than a dollar a day) Cheap Chris Kunitz Hat , with the guarantee that the premiums stay the same for 20 years. Forgoing your daily cup of coffee can allow you to have the funds to protect your family鈥檚 financial well-being. * Source: Empire Life Solution 20 price as of April, 2015


5) Purchasing life insurance is a complicated process
It鈥檚 easy t get started on determining your life insurance needs and options. A financial advisor can help you get organized. You can contact a financial advisor with whom you already have a relationship or you can ask friends and family for the name of the person they trust with their life insurance.


Discussing your needs and options with a financial advisor does not cost you anything, and will provide you with valuable information that can lead you to purchasing the life insurance you need.
6) Life insurance is not needed if you already have life insurance through your employer.


Having life insurance through work is a great benefit, but it may only be temporary coverage. When you leave a company or if you are laid off from your position Cheap Tyler Johnson Hat , in many cases, your life insurance will end. It makes sense to explore a life insurance policy that will stay with you no matter where you work.
7) Individuals that are not healthy are unable to get life insurance
Life insurance options are available for individuals with a range of medical issues. The cost of the life insurance may be more costly than it would be for someone in good health, but getting a quote on what is available is typically free.


8) Life insurance is not needed if you have mortgage insurance
Mortgage insurance covers the cost of the mortgage should you pass away while still owing on your loan. Your mortgage insurance payments always remain the same even though your coverage declines as your mortgage declines.
On the other hand, if you purchase individual life insurance Cheap Anton Stralman Hat , the coverage amount remains the same for the length of the policy, and can be used to pay off your mortgage, cover the cost of funeral expenses, and help ensure your family is protected financially should you suddenly pass away.


9) All life insurance policies are the same


Most insurance companies offer many different types of products. It is important to work with an experienced financial advisor who can explain the differences in the types of insurance products offered by different companies so that you can make an informed decision that will meet your particular needs.


When determining which insurance company to choose Cheap Mikhail Sergachev Hat , a key question to ask is what % of claims does the life insurance company payout on. At Empire Life, we pride ourselves on being able to process 88% of claims in less than two weeks, with an overall claim fulfillment rate of 99%.


10) Once you buy a life insurance policy, you can just forget about it


It is important to review your life insurance on a regular basis to ensure that it continues to meet the needs for you andor your family. Life keeps evolving and so should your life insurance coverage.


Life insurance is a valuable tool that can be simple and easy Cheap Nikita Kucherov Hat , flexible and dependable, and make sense no matter what your personal situation.


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