Considering the purchase of life insurance can be a difficult experience. No one wants to spend time thinking about the financial consequences of their death—not to mention how confusing shopping for the right life insurance policy can actually be. As a result, life insurance is often overlooked and undervalued.
As we continue to grow older and our lifestyles and family size change, having a solid life insurance policy in place to ensure your loved ones are sufficiently cared for in the result of your death is not only important but comforting. To help alleviate some potential confusion and assumptions, see the below life insurance myths to help steer you down the right path for the best Nashville life insurance policy for you and your family.
-
It’s too expensive. Of course there are so many factors to consider when it comes to each individual policy, however, the premiums for a 20-year, $250,000 level term life policy for a healthy 30-year-old only costs around $150 a year or about the same price as your monthly Netflix and Hulu subscriptions.
-
Your family can only benefit after your death. Many permanent life insurance policies offer the ability to withdraw money to pay for expenses, such as education and retirement.
-
Stay-at-home or low income earning family members don’t need life insurance. Although a stay-at-home parent may not be generating any additional income, they are still providing childcare—a very expensive service in and of itself. Consider a policy that covers both spouses to cover the loss of income for child care.
-
Work provided life insurance is sufficient. If you are lucky enough to have work provided life insurance, great! But be sure to read the fine print. Oftentimes, these policies don’t cover the recommended amount of lost income and are based solely on your base salary. So if you earn substantial commissions or bonuses, your work policy may not cover these.
-
You’re too young. You just never know. Thankfully, life insurance is the least expensive when you are young.
-
You’re too old. Life insurance is available for you even if you are over the age of 60. Although it can be pricey and dependent upon your health, a plan that can cover your final expenses certainly isn’t out of the question.
-
You’re too unhealthy. Even with a pre-existing condition, life insurance is available, although be aware that it will more than likely be more expensive and offer modest coverage.
-
You don’t need it if you’re single. Although you may not have a spouse to support, it’s not unreasonable to have a life insurance plan in place to pay off any outstanding debts and final expenses.
-
You can forget about it once you buy it. You’re not the same person you were a decade ago, so don’t have life insurance that doesn’t cover who you’ve become. If you’ve gotten married and had children, be sure to alter your life insurance plan periodically to avoid any unforeseen issues.
-
You can’t negotiate. Everything is negotiable. It’s not unheard of to find a trusted agent who can provide you with custom coverage that fits your needs.
-
Purchasing online is the best and cheapest way to go. It very well may be, but don’t overlook the benefits of a trusted agent that can provide you with personal service.
-
Term insurance is better than permanent. No one policy is better than the other – it’s strictly dependent upon the individual’s needs. Speaking with an agent directly may help you decide which type of policy will work best for you.
Protect Your Family with Life Insurance
At the end of the day, the death of you or loved one can be a difficult concept to consider. With so many options available, shopping for the best life insurance policy for you and your family can be extremely confusing. Be sure to consider the above factors when making these important decisions and be sure to consult your trusted Nashville insurance agent or financial advisor for more information regarding your life insurance policy.
