It’s National Life Insurance Day and a good day to go over some very common Life Insurance myths.
It’s our hope that these myths will help you change your prospective and help you to make a better informed decision on what could be one of the most important insurances you purchase.
Myth 1: I cannot afford Life Insurance.
Life Insurance is more affordable than you think. Although it does depend on what type of Life Insurance you look at, the cost can be lower than buying a cup of coffee every day. You can always start with a lower premium plan and purchase additional coverage as your budget allows.
Myth 2: I’m single or married with no children.
Even if you are single, Life Insurance can help pay off debts such as car or student loans.
Myth 3: I’m a stay at home parent and do not earn an income.
Stay at home parents may not bring home an income, however, you are providing services that wouldn’t otherwise be covered if you weren’t there. Childcare, cooking, transportation, and home maintenance are just to name a few.
Myth 4: I have Life Insurance through my employer.
While it’s great that you have Life Insurance through your employer, it typically isn’t as much as you need. It typically cannot be taken with you if you were to leave the job.
Myth 5: My children are grown and I no longer need it.
Life Insurance has it’s advantages such as paying off debt, help paying for final expenses, and leaving an inheritance for your adult children.
Myth 6: I’m not healthy and may not qualify for Life Insurance.
Although this statement can be true in situations like cancer, there are policies that cover ailments such as diabetes, high blood pressure, and athritis. The premiums may be higher in these situations.
Life Insurance myths are everywhere. You aren’t too young or too old.
The best question to ask yourself is this, “If so and so family member passed away, what would be the financial impact?”
Only you can answer that question and Balanced Care can provide options to keep it affordable and you protected.
Terri Trepanier is the owner of Balanced Care Health and Supplemental Insurance and a licensed insurance consultant and broker with Associated Brokers. Licensed in both Maine and NH, her specialty is working with small businesses, individuals, and families with their health and life insurance needs. She is certified to offer health plans both on and off the exchange and is contracted with every health insurance company that offers plans in both New Hampshire and Maine. Her other passion is assisting Medicare beneficiaries with their Medicare Supplemental, Medicare Part D Prescription Drug Plans, and Medicare Advantage plans. Terri has seen firsthand the importance of insurance products and how they help families. Her goal with Balanced Care is to “Insure Security and Peace of Mind One Family at a Time”.