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by Benjamin Ard on Feb 13, 2014

It’s hard to talk about death, especially the possibility of our own death. That’s probably one reason why there are so many myths about life insurance.

The process of purchasing life insurance is complex, and there are many important things to consider. Understanding these 3 common life insurance myths is a good first step toward choosing the coverage that is right for you.

Myth #1: My coverage only needs to be two years of salary.

There used to be a rule of thumb that your life insurance should cover about twice your annual salary. However, everyone’s situation is different, and you may need more or less depending on several factors.

For example, if you have any outstanding debts or a mortgage, you’ll probably need enough life insurance to cover those expenses. Also, if you’re single and don’t have any dependents you might only need enough life insurance to cover funeral expenses and health costs.

Myth #2: I don't need life insurance if I don't have dependents.

Life insurance is not solely beneficial to dependents.  In fact, there are many life insurance policies that can actually help to grow a person’s assets in life the same way any other investment option would. But even for term life holders, having a life insurance policy will enable your debts and expenses to be paid in full without having to leave those burdens to other family members.

Myth #3: Life insurance is only for older people.

Not only should a young person be planning for their loved ones in the event of their death, but they should likewise have the wisdom to purchase a life insurance policy early on in order to save money in the future.  The reality is that life insurance rates only increase with one’s age, and while those who secure a policy early on in life will still have to deal with the increased rates as they too age, the difference in overall costs can be substantial. Purchasing a life insurance policy now will not only enable coverage for a young family but it can likewise save them money in the future.

Contact Independent Group Agency today, and we’ll help you decide on the life insurance policy that is right for you.

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