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The Top 3 Myths About Life Insurance

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 facts based on a recent study conducted by LIMRA.

It is Too Expensive.

Nearly 80% of Americans misjudge the cost of life insurance. Millennials 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:

GenderAgePolicy CoveragePolicy TermPolicy TermApproximate Daily Premium
Male20$250,00030 yearsTerm$0.54
Male40$500,00020 yearsTerm$1.02
Female50$25,000ForeverLevel Final Expense$1.24
Female70$10,000ForeverLevel Final Expense$1.34
Male40$1,000,00020 yearsTerm$1.77

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 the 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.