Many consumers have three misconceptions about life insurance. Fortunately, nearly all negative perceptions surrounding life insurance are misguided. Life Insurance is a smart, affordable, and attainable investment for your family’s security and future. Here are the top three misconceptions about life insurance and the actual facts based on a recent study conducted by LIMRA.
It is Too Expensive.
Nearly 80% of Americans misjudge the cost of life insurance. Millenials overestimate the cost by 200% whereas GenXers overestimate the cost by 100%. The truth is – while your actual premiums will vary by many factors, such as your age and health, the level of insurance coverage you need, for how long, and your lifestyle – life insurance premiums are affordable and often as low as $1 per day. Here are sample rates that a very healthy non-tobacco using individual may come across while shopping for a life insurance policy:
|Gender||Age||Policy Coverage||Policy Term||Policy Type||Approximate Daily Premium|
|Female||50||$25,000||Forever||Level Final Expense||$1.24|
|Female||70||$10,000||Forever||Level Final Expense||$1.34|
Life Insurance is Confusing.
Nearly 85% of Americans agree that most people need life insurance. However, nearly 40% of Americans put off buying a life insurance policy because they are confused by the level of coverage needed or the product type. Everyone’s answers to these questions may be different but is a sensible first step toward finding the right policy for you. With a desired coverage amount in mind, one of our partner licensed life insurance agents can guide you the rest of the way to find the right life insurance policy for you.
I Won’t Qualify For Life Insurance.
25% of Americans believe they don’t qualify for life insurance. Life insurance carriers have developed many products, coverage amounts, and term lengths of coverage to approve as many individuals as possible – regardless of how challenging you may believe your circumstances to be. Carriers now may be able to help even if you have health issues, your family has a history of health issues, or you use tobacco. While your premium levels may vary from the sample rates published if any of these apply to you – it is still a prudent investment to protect your family even if the costs are a little higher. Tell us about your situation and a partner licensed life insurance agent will help you discover how affordable life insurance can be for you.