When talking about life insurance, it seems to cause a lot of fear and confusion. Unfortunately, common myths result cover too many people wait too long to buy or not buy at all. Clearing these myths can help you get the right coverage at the right price at the right time in your life
Myth # 1 :. There is no reason to buy life insurance when you are young. 
Many people believe they should wait until they have large debts to cover dependents to provide for before buying a policy of life insurance. The truth is there are many reasons to purchase a life insurance policy at a young age. If you provide financial support for elderly parents or siblings, you may want to consider. It may also be appropriate if you have a large debt that you would not want to spend the surviving family members if you were to die prematurely. Other types of insurance are a must, even for singles. If you borrow money to buy your car, the lender will require you to buy at least some insurance to protect your investment, and if you buy life insurance when you are young, it means lower premiums.
Myth 2 :. No medical insurance of the review of life is the best choice
although it may be a good choice for some, those who are healthy would do well to consider a policy traditional. The health examination might take a little more time, but taking this time can mean qualifying for the much lower rates. Traditionally underwritten policies also offer more options in terms of length of policy and coverage amounts, leaving the buyer to choose what they really need
Myth # 3: .. buyers must choose between term and permanent insurance
These are the two main types of life insurance, and choosing between them can be difficult. Life insurance, the most affordable type of insurance when originally purchased, is designed to meet temporary needs. It provides protection for a specific period of time (the "Term") and generally pays a benefit only if you die during the term. This type of insurance is often advisable when you need coverage that will disappear at a specific point in time. For example, you may decide that you only need coverage until your children graduate from college or a particular debt is paid, like your mortgage.
Permanent life insurance, by contrast, offers lifelong protection. As long as you pay the premiums, and no loans, withdrawals or redemptions are made, the total nominal value will be paid upon your death. Because it is designed to last a lifetime, permanent life insurance accumulates cash value and price is for you to keep for a long period of time.
There is no telling what type of life insurance is best because the kind of coverage you need depends on your particular situation and financial goals. Often a combination of term and permanent insurance is the right solution
Myth # 4: .. Life insurance is expensive
There so many options for life insurance today that it can be affordable for almost everyone. The key is to shop around and get life insurance as soon as possible, the older you are, the higher the premium is likely to be. term life insurance policies are surprisingly affordable, and provide coverage when it is needed most.
Myth # 5. Life insurance is not available to the elderly.
Many companies offer life insurance for the elderly. Older people who lose work-related coverage they retire may be at a loss to provide for final expenses, but they can get coverage at affordable rates, and those who continue to work may still need a life insurance to cover loss of income when they die.
There are 95 million Americans have no life insurance, many because they do not understand the need or are confused about their ability to qualify. The truth behind the life insurance myths is that most people need life insurance, and it is easier and cheaper to get than most people think. Do not procrastinate. Do some research and make a decision to buy your life insurance today.
0 Komentar