When it comes to life insurance, there are a lot of questions that need to be answered, and even more questions that are often answered incorrectly. It isn’t about people trying to mislead, it’s just that there are many aspects of life insurance that are not understood by the general public. Trying to figure out the truth behind the myths can really change the way you look at life insurance.
We are here to help you sift the truth from the myth. Here are a few of the most prevalent myths, and the truths they hide.
- You don’t need life insurance if you don’t have dependents. This myth is pretty prevalent, but in reality, your life insurance policy can be pretty useful to more than just dependents. For example, life insurance can be used to help your family pay for funeral expenses, cover personal debt, or even contribute to a charity after death.
- Determining how much life insurance to get is as simple as doubling your annual salary. This myth is pretty understandable; however, deciding how much life insurance to get is actually a bit more complicated than that. Each life insurance policy should be specific to the life of the person it is for.
- In the long run, investments are more useful than life insurance. This myth seems pretty compelling, but until your liquid investments are sufficient to cover more than your insurance policy (we’re thinking around a million dollars) it is a good idea to keep an insurance policy.
So, work your way through the myths, and get yourself the best policy for your life!