5 Life Insurance Myths Debunked
The decision to buy life insurance is often met with hesitation. After all, it’s not an easy subject to think about: What would happen if you were to pass away? When it comes to protecting your loved ones with life insurance, it’s important to separate fact from fiction.
- I’m single, or married with no children, so i don’t need life insurance: Even if you don’t have a spouse or dependents, life insurance benefits can be used to help your loved ones pay off your debts if you pass away. Planning early can help protect your loved ones from burdensome expenses.
- I can’t afford life insurance: Many consumers overestimate the cost of a term life insurance policy. Life insurance can be affordable for many people, depending on the type and amount of coverage you’re looking for. You can start with a policy that fits your budget, and you may be able to purchase additional coverage later on.
- I’m a stay-at-home parent, i don’t need life insurance: If you’re a stay-at-home parent, life insurance is still important. While you may not bring in an actual paycheck for the household, you likely provide services that could cost tens of thousands of dollars to replace each year.
- I have a life insurance policy through my job. If I take another job or get laid off, I can take the policy with me: Normally, your employer-offered life insurance policy isn’t transferrable. However, when you buy your own, separate life insurance policy you decide how long you want to be covered.
- My beneficiaries will have to pay income taxes on the proceeds from my life insurance policy: Your life insurance benefits are generally income-tax free and do not have to be reported on your tax return, in other words, your beneficiaries would not be taxed on the benefit paid out from your policy.
No matter where you are in life, it makes sense to help protect your loved ones and your assets with life insurance. If you have any questions, reach out to your one of our FindInsurance agents. It’s the perfect time to get ahead of the game, and keep your loved ones safe with life insurance coverage.
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