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Life insurance. Who wouldn’t want to insure their life? If something were to happen to you, what would your family do? Life insurance can be a daunting, and somewhat dark and eerie thing to have to think about. Over 54% of Americans own a life insurance policy. What is holding back the other 46%? It could possibly be the numerous myths surrounding life insurance, but luckily for you, we are here to debunk some of those for you.
 
Myth #1
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.
 
Myth #2
Another myth regarding life insurance is that people think they cannot afford it. Just with any other insurance policy, there are ways to personalize life insurance and make sure that you stay within your budget. Also, you may be able to start off with less coverage and go back later to increase your benefits when you are able to afford it.
 
Myth #3
The final myth we will be touching on is that people think that they must pay income taxes on their policy. According to the IRS, life insurance policies are income tax-free because they are meant to help families pay for a number of things after the death of loved one such as mortgage, funeral expenses, etc.
 
I hope that debunking some of these myths have helped you in the decision making that lays before you. If you have any questions, or just want to talk to an agent about life insurance policies, don’t hesitate to call or stop in today!

Posted 6:05 PM

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