Common Myths About Life Insurance

September is National Life Insurance Awareness Month, and to celebrate, we wanted to present you with some all-too-common myths we hear from people.

According to Life Happens, a nonprofit organization created to educate the public about important insurance planning topics, National Life Insurance Awareness Month serves to encourage the nearly 100 million Americans who do not have adequate life insurance to get the coverage they need.
Let’s get started! Here are four common myths we hear about life insurance:

1. Life insurance costs too much.
According to a Life Happens study, 80 percent of Americans overestimated the cost of life insurance. In that same study, 25 percent of people polled thought a $250,000, 20-year policy for a healthy 30 year old would cost $1,000 a year, when it actually would cost about $150.

2. I’m young, so I don’t need life insurance.
According to our insurance companies, life insurance makes more sense when you’re young. This is because premiums are less expensive and you have fewer assets to pass on to relatives. Life insurance becomes more expensive to purchase over time due to the fact that you are more likely to develop a medical condition.

3. I already have health issues, so I will be denied.
Even if you have health conditions or take certain medications, you still may be eligible for life insurance. However, there are certain health conditions that will prohibit people from being able to get life insurance.

4. My employer offers me life insurance, so I’m good.
While many employers do indeed offer a group life insurance benefit, the payout, according to many of our insurance companies, is typically low and usually twice your base salary. We recommend a personal policy as the safest way to ensure your family is taken care of, and we can present you with several options from one of our trusted life insurance companies.

We understand that life insurance is an important part of protecting your family’s future, but we also understand it can be an overwhelming process. It can provide the ability to pay debts like mortgages, loans, health care expenses, fund a child’s education, or keep a family business. Our experienced agents are ready to show you the steps to securing the future of your family. It doesn’t have to be complicated or costly. In fact, it’s our job to make it easy! Call 636-229-7000 or schedule an appointment online for a complimentary consultation.

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