Do you hear “life insurance” and think it’s for old people or breadwinners from large families? Think again. These are just two of the misconceptions that people usually have about life insurance. Keep reading to view other life insurance myths and the actual truth behind them.
I’m young, healthy and single, I don’t need life insurance.
If you’re an adult, you need life insurance – regardless of your age or marital status. You don’t want to burden your loved ones with your debt once you’re gone. This includes any medical or funeral expenses you might incur. The great news is that if you’re young and healthy, a life insurance policy should be very affordable. Now is the time to get it.
Life insurance is too expensive.
The majority of people overestimate the actual cost of life insurance. In fact, Millennials overestimate the cost by 213%, Gen Xers by 119%. There are numerous types of life insurance policies out there, meaning you’ll be able to find one that meets your needs and your budget. In fact, if you’re a WWFCU member, you can get a great discount on life insurance. Click here for details.
I should save or invest my money instead of buying life insurance.
Unless you’re a millionaire, you’re better off having life insurance – in addition to saving/investing. Life insurance should be part of your financial plans, not an afterthought. The cost is so minimal, you should be able to afford life insurance and have enough left over to save or invest.
My life insurance at work is enough coverage.
You may have amazing life insurance at work, but chances are it’ll just be enough to cover the basics if you die. Wouldn’t you rather leave your loved ones more than enough money to pay your expenses rather than have them scramble and borrow to pay off your debt?
I have health issues, I won’t be able to get life insurance.
Unless you have a severe life-threatening illness, you’ll be able to get life insurance coverage. It will cost more than if you were 100% healthy, but it should still be affordable. If you’re not sure if you can get coverage, it doesn’t cost anything to apply for life insurance to find out.
WWFCU is proud to be able to offer life insurance at a great discount to its members from TruStage. Click here to learn more.