Life Insurance Myths

Finding Insurance, be it cheap car insurance, home insurance or health insurance, is not a simple matter for consideration. In any facet of comprehension, from both sides of the insurance table, insurance comprises several important elements that cannot be neglected. It is in tandem consideration, that the most suitable amount and type of coverage can be presented and implemented. Cheap insurance, specifically life insurance, can seem like a convoluted thing. There are technical aspects that may just seem like Greek to the average consumer, but then there are more pedestrian aspects that often go ignored, much to the policy holder’s peril. To top it all off, woven in the pursuit of life insurance as a hole, are the myths that surround it. There are many misconceptions abound when it comes to cheap life insurance. We seek to dispel a few of the more prevalent ones:

Single People Without Dependents Do Not Need Life Insurance:

Single people are people too! Regardless of your relationship status, you are still a living, breathing human being. And human beings have a knack for accruing personal financial debts, medical bills, and they are, unfortunately, susceptible to illness. These things add up much more quickly than we can anticipate and even more harrowing is that in the event of our passing, it is our families that inherit our debt. Having appropriate life insurance means that even low-income single people can feel secure that their lives are valuable and protected.

Life Insurance Should Always Be Worth Twice Your Annual Average Salary:

There is no general way to calculate the amount or type of coverage anyone should have. Your situation is uniqueand there are many things about your lifestyle that impact the coverage you get. Quite apart from medical bills, personal debt and incumbent funeral expenses, there are also other mitigating factors like mortgage and provisions for your family. To determine your insurance needs, it would be prudent to conduct a cash flow analysis, validate your current and potential expenses and THEN determine what you need for coverage. Two times your annual salary is an antiquated concept that has long been chucked. Keep it modern and more importantly, keep it relevant!

It Is Better To Invest Your Money Than Sinking It Into Life Insurance of Any Kind:

Let’s say you’re in a position of great wealth, this does not bar you from life and all its myriad uncertainties. Even the healthiest people get sick; even the wealthiest people have accidents. Having money does not prevent life from happening, but you need it, should the worst of life happen to you, especially when you’re in a position that finds you with dependents and other valuables in your positions. Life insurance is something that protects us all. For richer or for poorer, we must protect ourselves, intelligently.

We hope that the information we have provided you will allow you to make informed, legitimate decisions when it comes to choosing cheap life insurance that benefits you and the ones you love, for as long as you require it.

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