Don’t Let These Common Myths Scare You Away from Life Insurance
Most people need life insurance. Not having it could be devastating to your family’s financial future in case the worst should happen. Life insurance is a complex, frequently misunderstood subject, surrounded by a multitude of myths. These myths can be dangerous if they scare you away from purchasing the life insurance coverage you need.
Common Life Insurance Myths Debunked
If You Are Young and Single, You Don’t Need Life Insurance
As a general rule, the younger you are when you purchase a policy, the less you pay for life insurance. Buying a policy at a younger age can lock you into lower rates. If you decide to marry and start a family in the future, it may be important to have coverage to provide for your spouse and dependent children. Even if you remain single with no dependents forever, there would still be funeral expenses in the event of your death.
Life Insurance Through Your Employer Is All You Need
Employer-sponsored life insurance is a valuable addition to an employee benefits package. But it is not likely to provide all the coverage you need. Most plans through work offer accidental death or small-term policies with low limits. The coverage may not be enough. Typically, these plans are not portable – if you left your employment for any reason, you could find yourself without coverage. At that point, to continue having life insurance, you would need to apply for a new policy based on your current age and health status.
You’re Better Off Investing Than Buying Life Insurance
Investments can be risky. If you rely on them solely and something goes wrong, there may be no way to provide for your family if you die. Having a life insurance policy in addition to your investments can help ensure your beneficiaries will have cash death benefits if something should happen to you.
I Can’t Get Life Insurance With Diabetes
Many life insurance companies will cover a range of health conditions. Some insurers specialize in high-risk cases. If you have diabetes and can demonstrate that you have it under control, you may qualify for life insurance at better rates than you might have suspected.
Life Insurance Is Too Expensive
In a recent study, researchers found that the majority of people surveyed overestimated the cost of life insurance, as reported on Forbes. Individual quotes depend on risk factors, such as age, lifestyle, and health condition. In 2021, the monthly cost of a $500,000 20-year term life insurance policy for a person 35 years of age is approximately $30 for males and $25 for females.
You Get a Better Deal If You Buy Life Insurance Online
Going online is a great way to research life insurance and a good way to find an agent. But it won’t get you lower rates. Life insurance costs are the same whether you buy online or in person. And you don’t get the same service when you shop online. Our agent can explain the terms on the application, help you determine how much coverage you need, and help you find the best available rates based on your age and health condition.
Erie Insurance - One of America’s Best Insurance Companies
Erie Insurance has been named to the Forbes list of America’s Best Insurance Companies for 2022.