If you’ve ever tried shopping for life insurance, you may have come across several myths about this important product. Unfortunately, because it can be a complicated product, there are many myths about life insurance. Here are some of those myths debunked by experts in life insurance in Lancaster, PA policies.
I
don’t need coverage if I have no dependents.
One
of the major untruths that circulate around with customers looking
for life insurance is that a single person with no dependents does
not need a policy. But this is simply not true. At the very least,
you should have a life insurance policy that covers your burial and
funeral expenses so this burden does not fall on your family. Also,
if you have significant medical bills and other outstanding bills,
you should get a policy that will cover those costs in the event of
your death. Otherwise, you could leave a legacy of debt for your
loved ones to deal with when you’re gone.
I
have enough life insurance through my employer.
Sometimes
it is enough, but sometimes it’s not when it comes to coverage for
life insurance. Lancaster, PA residents who are single with no
dependents, the life insurance they get through their employer is
probably enough to cover funeral and burial costs. However, if they
have a spouse or kids, they will likely need additional coverage to
provide for their financial future.
Evaluate your situation and discuss your options with a qualified agent to find out what your realistic needs are in terms of a life insurance policy.
I
should buy term life insurance and invest the rest.
While
many financial experts suggest that you purchase a term life
insurance policy instead of a whole policy, it may not always be the
best option for every financial situation. For some, permanent life
insurance is the best option because it would be financially feasible
in the long run. However, there are also many instances when a term
life insurance policy is the best option. If you’re not sure about
the specifics of these types of policies and which one is right for
you, explore the possibilities with a reputable agent to make the
best decision for your needs.
Only the head of the
household needs a life insurance policy.
This
is another myth that many people believe. Regardless of your role in
the household, it’s important to have a life insurance policy. You
may end up with daycare costs and other financial obligations after
your spouse has passed away, so be sure to have a policy for them as
well.
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