There are several myths and misconceptions about life insurance. These have made it difficult for people to decide whether to buy life insurance or ot. Luckily, most myths are not accurate and below are some of them.
It is costly to purchase life insurance
This is the assumption of a lot of people when it comes to life insurance. Maybe it’s because they believe no price is big enough to buy life. Life insurance, however, is not expensive to purchase and could cost as low as $300 on an annual basis.
Poor health automatically means disqualification from life insurance
Individuals who face one medical condition or the other hardly bother about life insurance. This is because they believe their situation disqualifies them from insurance automatically . In any case, this is a misconception. There are several insurance companies out there that give coverage for some health conditions. The major drawback to it is that it could be more expensive to purchase.
Insurance filed by my employer is enough
You might have that assumption that since your employer has already provided for life insurance, then that’s all you would ever need. Unfortunately, that is another myth. The life insurance policy filed for you by your employer is usually small and provides for just about $50,000 of coverage. Besides, if you leave the company, your coverage would be terminated.
You’re too young for life insurance
The “too young for life insurance” is yet another myth about life insurance. Once you are above 18, you need to start worrying about having life insurance in place. One significant reason for this is that premiums to be paid are usually less expensive for younger people.