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Life Insurance Life insurance tends to be one of the least understood of insurance topics. Death is not something that people jump at the chance to discuss, so therefore life insurance policies tend to be put on the backburner. Yet, life insurance is something that should not be tossed aside so easily. Not having life insurance can be devastating to your family when something truly unfortunate happens. Here is a look at some of the most common misconceptions associated with life insurance.
  1. I'm Too Young For Life Insurance: Many young adults feel that they don't have to purchase life insurance until they get older and start having concerns for their family's future. The fact is that it is actually more beneficial to purchase life insurance at a younger age when costs will be lower for you. Insurance agencies tend to charge higher premiums as individuals get older and develop more medical issues.
  2. My Employer Offers Life Insurance: While some employers do offer life insurance, these policies tend to be too small to truly help in a time of crisis. First, an employer paid plan will usually only supply 1-2 times your annual salary while it is recommended to have anywhere from 5-12 times your annual salary. Second, many times, should you leave this job; you lose this life insurance policy.
  3. I'm Not Qualified Due To Medical Issues: There are many companies that specialize in high-risk cases. They tend to cover a wide range of health issues that other companies wont approve. There are even companies that will offer policies that have no medical underwriting. However, these policies tend to be more expensive and have lower coverage.
  4. It's Just Too Expensive: Each policy is different as it is tailor made for the policyholder. Things like your age, current health, and lifestyle play their role when an insurance agency calculates your premiums. As you get older and your health deteriorates, these premiums will only go up. On the bright side, most people overestimate the initial cost of their premiums meaning that once they look into finding the right policy, that policy they assume will cost $1,000 a year may actually only cost $150.
  5. I'll Just Get it Cheaper Online: While the Internet is a great tool to research life insurance and find an agent you will pay the same prices online as you do in person. What the Internet does not offer is the personal service that a live agent does. Seeing an agent and setting up your life insurance in person, the agent can get a more in depth view of your needs and better find the right policy for your needs.
At Fleming & Riles Insurance, we know and understand the difficulties in finding the best life insurance coverage at affordable rates. Call us at (800) 833-4379today to find out how we can help you find the right life insurance policy for your needs.
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