Sometimes people don’t understand the benefits of Life Insurance!
As a health insurance broker one of the fields I work in that is of benefit to folks is Life Insurance. There are a lot of misconceptions about this valuable product- so let’s bust a few myths about it!
MYTH 1- I AM SINGLE WITH NO DEPENDENTS, SO I DON’T NEED COVERAGE. This doesn’t mean you can pay for a funeral, medical bills, or debt if you were to pass.
MYTH 2- MY LIFE INSURANCE COVERAGE ONLY NEEDS TO BE TWICE MY ANNUAL SALARY. As we are all different individuals there is no rule like this! Coverage is based on your current situation and the assets you need to protect. That is why it is important to sit down with a qualified agent.
MYTH 3- THE COST OF MY PREMIUMS WILL BE DEDUCTIBLE. Not true in most cases. Unless you are self-employed and the coverage is used to protect your business assets, the cost of life insurance is not deductible.
MYTH 4- ONLY THE BREADWINNER NEEDS COVERAGE. Wrong! When a partner passes there are lots of changes and extra dollars to pay. Funeral costs alone today are near $10,000. And that is just the beginning.
These are just a few of the most common myths. If you need more knowledge about this important product, it is important to get it before it is too late. The earlier the better!
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