If you have been considering buying life insurance, you may have held yourself up due to some worries. However, the fact is there are a lot of life insurance misconceptions and common insurance myths about life insurance that prevent people who would otherwise benefit from purchasing.
The team at Medical Profiles Inc. is here to debunk some life insurance myths that may be costing you. Contact us today to schedule a paramedical exam!
1. Young & Healthy People Don’t Need It
The single biggest life insurance myth is that young and healthy people do not need it.
First off, even young and healthy people can unexpectedly get sick or be in an accident. Moreover, young people can buy life insurance early and incorporate it into their long-term financial and retirement goals.
Life insurance affordability is greater when you are younger, and you will have more coverage options.
2. You Can’t Get Life Insurance with a Previously Existing Condition
Many people think that having a pre-existing condition automatically excludes them from insurance coverage, but this is not true. You can still get life insurance even if you have a pre-existing condition, although you may have to pay higher premiums or have lower death benefits.
Additionally, many providers have insurance options specifically for individuals with pre-existing conditions who are not eligible for traditional life insurance, such as simplified and guaranteed life insurance.
3. Life Insurance Is Expensive
Some might be put off from buying life insurance because they think it is expensive and ultimately not worth the cost. The truth is that there are a lot of insurance pricing myths, and life insurance can be exceedingly affordable, especially if you buy it when you are young and healthy. For instance, a healthy 30-year-old can obtain a 20-year, $500,000 term life insurance policy for around $14 to $15 per month.
4. Employer Sponsored Life Insurance Is Enough
If you already have an employer-sponsored life insurance plan, you might think that it is enough and you do not need to purchase additional private insurance. The reality is that most employer-sponsored plans have relatively low benefits that might not be enough to provide the financial security your loved one will need if you pass away.
For example, death benefits for employer-sponsored plans might cap out at two to three times your annual salary; in contrast, a typical individual term life insurance policy can have a death benefit of over $500,000. The additional benefit from an individual policy can fill any gaps in your coverage and provide more breathing room.
5. Single People or Stay-At-Home Parents Don’t Need Life Insurance
If you don’t have any dependents or are a stay-at-home parent, you might think life insurance is not necessary. In actuality, even single people and stay-at-home parents should consider buying a policy.
If you are single, a life insurance policy can be used to cover any debts you might have, or you can donate the death benefit to a charity of your choice.
If you are a stay-at-home parent, a life insurance policy can cover the cost of any housework or childcare you might be responsible for. Stay-at-home parents do many things with economic value, and a life insurance policy would allow families to maintain their current living arrangements if one parent passes away.
Paramedical Exams for Life Insurance
Now that you know about these common life insurance myths and life insurance facts, take the next step. If you would like to schedule a paramedical exam for life insurance, contact Medical Profiles Inc. online or give us a call today at (832) 251-3926!
