The biggest life insurance myth out there is that if you are single, and have no dependents, then you don’t need a policy. The truth is, every person needs some type of coverage. If something were to happen to you, what would your family do? It is necessary to have at least enough coverage to pay for funeral expenses, medical bills, even some of your debt because that all falls back onto your family. Also, having a life insurance policy could be a great way to leave a legacy behind to a favorite charity or other cause.
Also, there is a strong misconception that if someone is not the breadwinner, or let’s say a stay at home parent, that they do not need coverage because they are not monetarily contributing to the household. This is false as a life insurance policy can help cover some rather expensive things such as child care, cooking, daily transportation, honestly the list goes on.