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:

GenderAgePolicy CoveragePolicy TermPolicy TypeApproximate 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 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.

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