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5 Life Insurance Myths to Ignore

life insurance myth
Every household should consider getting a life insurance policy. Each month you pay a premium for coverage, and in exchange, your beneficiaries receive a lump-sum payment in the event of your death. Life insurance is a responsible way to ensure that your loved ones' financial needs are taken care of after you die. 
Unfortunately, many Americans choose to forego purchasing life insurance because of pervasive myths. Here are five myths to ignore if you're considering getting life insurance. 

1. You Don't Need Coverage If You're Single

When it comes to life insurance, most Americans are uninsured or under-insured, and being single is one of the reasons some Americans choose to opt out of life insurance. Not having a spouse doesn't mean you won't benefit from having life insurance.
Consider this, in the event of your death, creditors will go to your family to attempt to resolve any outstanding debts. This means that you could leave your family in a frustrating situation of not only having to grieve but also dealing with your debt.
As a single person, you would benefit from getting enough life insurance to cover your personal debts, medical bills, and burial expenses.

2. It Costs Too Much

Cost is one of the often-cited reasons for not having life insurance. Even though they feel they need life insurance, many Americans believe it's too expensive. The truth is, most individuals overestimate the cost of life insurance. They assume that it's expensive and that they can't afford it.
In reality, insurers offer a wide variety of life insurance policies to fit a multitude of needs. Some life insurance policies are more costly than others. However, affordable life insurance is available and you can find coverage that fits your needs and your budget.  

3. You'll Get Rejected Due to Pre-Existing Health Conditions

Medically underwritten life insurance policies have certain restrictions on the coverage provided to individuals with health conditions. However, having a health condition doesn't mean that you'll automatically be disqualified from obtaining life insurance.
Some policies cover a wide range of conditions, and some companies specialize in covering individuals with pre-existing conditions. In addition, it's possible to find a policy that isn't medically underwritten, which would mean that you wouldn't be restricted based on having a health condition. 
If you have a pre-existing condition, it's likely you can still find a suitable policy. Talk to a licensed agent to discuss your options. 

4. Your Employer's Coverage Is Enough

Many employers provide life insurance as part of employee benefits. Individuals who have life insurance through their employer often feel it's enough for their needs. However, contrary to popular belief, the coverage you have through your employer may not be enough. Additionally, you may lose that coverage if you leave your job.
It's often recommended that you get 10 times your annual salary in life insurance benefits and you may need more, depending on your circumstances. Your employer may not provide this amount, which could leave your loved ones in a financially strenuous situation. 

5. You're Too Old

Age is another common reason you may skip life insurance, thinking that life insurance is only for young, healthy adults. In the past, it was indeed difficult to get life insurance coverage if you were past a certain age.
However, this is no longer the case. Today, many life insurance companies offer policy options for adults after the retirement age of 65, and some even specialize in coverage for seniors. If you're over 65, you can likely find a policy that meets your family's needs. 
Regardless of your age and income level, it's beneficial to obtain life insurance. To find out what your options are, contact the knowledgeable agents at S.N. Anthony Insurance Inc.
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