Death… no one likes talking about or even thinking of it. Yet, it can happen at any time. This is why you must address the issue head on. If you have dependents, relatives or loved ones, this should be a part of your life plan.
Who knows, you just might live to the ripe old age of 100 years. But before then, you should consider taking life insurance.
Maybe it’s because life insurance is such a “sensitive” issue and the fact that many people would rather prefer to do anything else than think about the frailty of life, that quite a few myths have sprung up to further discourage people from purchasing a life insurance policy.
Well, in this article, we’ll be examining some of those common myths and debunking them.
Myth 1: Life Insurance Policies are Expensive
Well, the premiums on life insurance policies are dependent on a few factors such as the policy holder’s age, current health status, family’s health history, deductibles and a few other things.
We think that the fixation on cost is the wrong approach to life insurance. The right approach would be about peace of mind. Here are a few questions you should ask yourself:
- Will my family be provided for if I did today?
- Will they live a comfortable life or will be incredibly hard for them?
- Will they have shelter, clothing, food and money to cover my kids’ education?
These are some of the questions you need to ask yourself before deciding that it’s expensive. Besides, it’s possible to find life insurance that covers just about any price.
Myth 2: Life Insurance Isn’t For Young People
Well, if there was any guarantee that we would all grow old, that might be true. But seeing as no one knows when his time will be up, it’s important to get the insurance. This is particularly important if you have dependents.
The truth is most young individuals are more likely to have mortgages, have small children and be up to their necks in debt. This automatically predisposes them to financial ruin if they were to die young.
Having a life insurance policy is you and your family’s get-out-jail-free card in the event of a terminal illness or death. Then, there’s the added perk of lower and more affordable premiums available to younger individuals. Take advantage of this low-cost entry point to get a comprehensive life insurance policy.
Myth 3: You Can Get the Best Deals Online
Maybe, maybe not. The best way is to reach an insurance agent like InsuranceLand and talk to them about your specific needs. There’s no one-size-fits-all package. Most times, your life insurance policy will be customized to just you and your family.
Some of those ridiculously cheap offers you see online have prohibitive costs associated with them down the line. Don’t fall into this trap.
Life insurance isn’t just some commodity that you can purchase off the streets like a common item. It has to be specifically tailored to your unique needs and that of your family if you have one.
Myth 4: Investments are Always Better Than Life Insurance Policies
Maybe it does seem that way in the short term. But, if you die before acquiring what is known as breakeven assets, this means your assets and investments may not be enough to provide for your family when you’re gone.
This is particularly important among young families. You cannot afford to put your young family in a position where they have little or no financial base if anything were to happen to you.
So, before you cast aside the notion of life insurance in favor of investments, you better make sure that you will be alive to build your investment portfolio up to the point where your family’s needs will be provided for in case of any eventuality.
Oscar King is a family man and freelance writer. He is very involved with his family and enjoys sharing his personal tips and experiences of raising a family. If you would like to learn more about Oscar, checkout his Google+ profile.
