Life Insurance Myths: It’s Time To Bust Them All
The insurance industry is often surrounded by a cloud of myths that encircle the reality of getting life insurance. People shy away from signing an insurance policy just because they hear so many stories about the industry; in many cases these stories are not even close to the truth.
We have put together a short list of the most common myths that surround life insurance policies. If you are from Avon, Cleveland, Lakewood, North Olmsted, North Ridgeville, Westlake and are looking for insurance, you should read this:
Myth number 1: Your life insurance coverage needs to be twice your annual salary
False. The amount of insurance you need is directly connected to your situation. Life insurance is always personalized and you should never choose a package that offers you general coverage that does not link to your direct and specific needs. The exact amount of insurance you need is established after analyzing the relevant factors: mortgage, funeral bills, medical bills, the wellbeing of your family for years to come, etc.
Myth number 2: Your life insurance policy is covered in your job contract
Don’t put your trust in your employer, because even though it is great to be insured as a result of being employed, you need to keep in mind that your insurance will last only for as long as you are employed; therefore what you have is temporary coverage. Thus, it makes sense to explore the opportunities offered by a personal life insurance.
Myth number 3: You don’t need life insurance if you are young or single
Even if you are not leaving anyone behind when you pass away, there are still several expenses to consider, such as funeral costs or hospitalization costs. Ask yourself if there are any financial obligations you need to meet if you are gone.