4 Life Insurance Myths, Debunked

Published: November 08, 2019

Know These Misconceptions About Life Insurance

Life insurance is one of the best ways to ensure the financial security of your family, no matter what tomorrow brings. Don’t let these four misconceptions stop you from attaining the coverage you need.

1. Only the Primary Breadwinner Needs Life Insurance

Even those who do not work outside the home need coverage. Stay-at-home parents, for example, perform invaluable services such as childcare and household management which can be costly to replace.

2. You Always Can Renew Your Life Insurance Policy

Term coverage is the most affordable type of life insurance, but because premiums increase with age, renewing a policy when a term expires can be costly. And, it’s often the case that continued coverage is desirable even when mortgages end or children leave home. So, maintaining a consistent level of coverage via a permanent policy can be financially prudent.

3. Permanent Life Insurance is a Just Longer Version

Permanent insurance isn’t just a longer version of term life insurance. Permanent policies provide a number of added advantages, including a death benefit, the ability to accumulate assets on a tax-deferred basis and more.

4. Life Insurance is Not a Good Investment

Life insurance can be considered a low-risk investment. Compared to other relatively low-risk investment products, the long-term rates-of-return on cash values with life insurance are generally quite similar. Regardless, speak with an insurance professional to determine the right solutions for your needs.

Call our insurance professionals for answers to your questions and access to a broad selection of products available through our industry-leading partner carriers. As the largest independent personal-lines agency in the state, we have the resources and expertise to tailor coverage to your specific needs, at prices that fit your budget. Call (855) 581-4799.

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