Did you know that only 31% of Americans say they are “very” or “extremely” knowledgeable regarding life insurance?* The insurance world can be overwhelming for many, but it doesn’t have to be. It is said that the truth can set you free, so today, we are freeing you by busting some of the most common myths surrounding life insurance.
If you think, “I have group life through my work; I don’t need an individual policy.” I hate to rain on your parade, but this is a classic myth, group life often provides $20,000 or just a single year’s salary, which isn’t nearly enough to ensure your family has financial security when they need it most. On the other hand, an individual life insurance policy offers up to $2 million in coverage. In addition, policies start at just $9 a month, a bargain that will give your family a sense of stability knowing they are financially protected.
“I can always get life insurance later.” Another misinformed myth, as we get older, our health becomes increasingly more at risk leading to policies increasing in price. If you wait too long, your rate will be exceedingly higher than if you lock in a lower rate while you’re healthy.
“It’s too expensive,” You’re not alone in this train of thought; more than half of Americans overestimate the cost of life insurance by as much as three times a policy’s average rate*. However, individual life insurance is more affordable than you think.
Locking in your life insurance will save you and your family many headaches later down the line. So do your older self a favor and browse your options today, click here for a quote.
*According to 2021 data from financial research firm LIMRA