3 Misconceptions About Life Insurance
Don’t let mistaken beliefs keep you from getting the coverage you need.
Have you concluded that Life insurance is not for you? Or perhaps you feel like it’s just not the right time?
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Each year, the Life Insurance Marketing and Research Institute (LIMRA) asks consumers who do not have Life insurance—and those who say they don’t have enough—why not. It turns out that many of their reasons are based on mistaken beliefs.
Here are the top misconceptions about Life insurance in 2022:
- It’s expensive. LIMRA reports that more than half the population overestimates the cost of Term Life insurance by 300%! You might be surprised to learn how affordable Life insurance can be. Did you know that monthly cost of a $250,000 20-year Term Life policy for a healthy 40-year old woman is less than $19, just one-tenth of what she may spend on coffee each month?1
TIP: If cost is a concern, buy as much insurance as you can afford now since it’s easier and cheaper to get Life insurance before you’re older. You can always apply to increase your coverage in the future once your budget allows for it.
- It’s complicated. Many people aren’t sure how much they need or what type to buy. Or they envision long applications, meetings with insurance agents, and medical exams. But purchasing Term Life insurance doesn’t have to be complicated.
TIP: Start with our simple guide: Term Life Insurance: Your Most Asked Questions Answered, use our online calculator to determine how much insurance you need, and you’ll be ready to apply online. If you have questions, just give us a call—our experienced representatives are available to help answer your questions.
- It’s not a priority right now. When you’re young or single with no dependents, it’s easy to put it off for another day. But Life insurance is there to protect those who depend on you, both now and in the future.
TIP: Take time to contemplate your future needs. A family may not be in the picture now, but securing affordable insurance today can set you up for greater savings and financial security many years down the road.
Almost everyone can benefit from having some Life insurance. If you don’t have any or you’re considering buying more coverage, now may be a good time.
1 “90 U.S. and World Coffee Statistics You Should Know,”PerfectBrew.com, October 2021.
2 “2022 Insurance Barometer Study,” Life Happens and LIMRA.