You keep assuring your loved ones that you will do everything within your power to protect them, right? However, the decision to purchase life insurance is usually met with confusion, hesitation and denial. After all, it’s never an easy subject to consider. In the first place, nobody has an idea of when they will die. The choice is even made tougher with these myths.
Myth 1: I don’t have any children, so there is no need to get life insurance
Whether you are married or single and without any children, you still require life insurance. Life insurance will assist your dependents and loved ones to pay off debts in case of your demise. Planning early will not just assist protect your loved ones from unbearable expenses, but it will also help you get started on a future financial plan.
Myth 2: I cannot afford life insurance
The insurance Barometer study that was conducted by Life Happens showed that 0 percent of customers overestimate the cost of life insurance. It can be very affordable for most people, according to the policy you want. Start with a coverage that suits your budget and then take an additional cover later.
Myth 3: I have enough savings, so I will not need life insurance
Although you have adequate savings to last through your retirement, you need to consider your final expenses. The National Funeral Directors Association stated that the median cost of a funeral is about $7,181. If you do not have enough savings, your loved ones might have a difficult time raising your funeral expenses. Remember that your mortgage must be paid off too.
Myth 4: I do not need life insurance since my children are adults
Life insurance can come in handy in different stages of your life. Life insurance at the later stages of your life has various benefits like paying state taxes and paying for your send-off expenses. After all, your kids would not mind an inheritance.