In its most simplified definition, life insurance refers to coverage given to your loved ones after you pass away. There are many different types of life insurance to choose from, however, and there are lots of myths and misconceptions people have about them.
Below, our team would like to debunk a few common myths about life insurance to help you determine if it’s time to invest in a policy.
- Myth #1: Young people don’t need life insurance. This simply isn’t true. There is no way to predict accidents or illness, so you never know when your loved ones may need financial coverage for your burial, unpaid debts, and any other expenses. Life insurance is for younger people as well as older people. In fact, purchasing a life insurance policy at a younger age can be a wise investment, as this insurance is usually less expensive for younger adults.
- Myth #2: You only need life insurance if you’re employed. Many people assume that life insurance is there to coverage a loss of income when you pass, and so if you are unemployed, you won’t need a life insurance policy because there won’t be a loss of income. The truth is that life insurance is for more than just covering lost income. It can help cover the often-high expenses of burials and, in the case of stay-at-home parents, childcare expenses.
- Myth #3: You’ll be disqualified for life insurance if you have a pre-existing condition. There are life insurance policies that cover people with pre-existing conditions, such as cancer or diabetes. While you’ll likely have to pay higher premiums if you have medical concerns, that doesn’t mean you’ll be automatically denied coverage.
Here at Pietila Family Agency, we care about helping you find a life insurance policy that you feel confident in, so contact us today for your life insurance needs.