5 Myths About Life Insurance Products

Life insurance is an extremely important step for ensuring economic stability

. A lot of thought should be taken when deciding on which policy to choose. These financial products ensure that your family will be able to go on economically should anything happen to you but there are some misconceptions with this type of insurance.

1) Smokers can't get life assurance

Some people are led to believe that if they were smokers prior to inquiring about a policy, they will be denied. Your smoking status is an important factor that might change some terms in the policy. There are companies that offer specific life policies to smokers at a slightly higher premium rate.

2) I don't need it

The only way that this would possible is if you have enough money to pay all your bills, support your children, spouse's and family members' futures. If you are the only person that you have to worry about then insurance is probably not needed. However, most people have at least some family or friends that they want to provide for.

3) My child is out of the house so I don't need it

This is a misnomer. Your children may have families of their own. They have this responsibility and then would have an added amount of stress with your passing. It is best to take care of them even when they are already established. You also have to think about your spouse.

4) I'm too young for life insurance

The thing to remember is there are no guarantees in life. Planning ahead is never wrong. If you buy your policy when you are young, you can expect a lower premium.

5) The insurance that comes from my employer is enough

Some think that this coverage is enough. The amount given from a work policy usually isn't enough. The amount that is required to maintain your usual lifestyle in the absence of your job is what you should be thinking about. There are many variables. What if you are fired? You may even change jobs and your new job might not provide insurance. Another thing to consider is, in the event of retirement your insurance might cease to exist.

Life insurance is something that most everyone should have. It provides a sense of security and your family will be very appreciative of your foresight.

by: Peter Boucher

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