The Truth Behind Life Insurance Myths
When your young family is starting out, it often seems like a dollar never stretches far enough. With new commitments, a family to support, and responsibilities comes the importance of making sure your family is financially protected, no matter what life may bring. Life insurance comes in handy for young families, but so many myths and misconceptions can stop families from purchasing a policy. We take a look at the truth behind life insurance in Vancouver, WA.
Myth 1: I only need life insurance if I’m the primary breadwinner.
Whether you bring home the largest paycheck in your household or a smaller one, your family relies on your income to maintain its quality of life. If anything were to happen to you, the finances would be missed. Stay-at-home parents offer valuable services such as childcare, cooking, housekeeping, and transportation, which can be costly for a surviving spouse to replace.
Myth 2: I only need term life insurance
For many young families, term life insurance makes sense. It offers coverage for a set period of time, such as 10 to 30 years. However, that doesn’t mean it’s the only type of insurance you should consider. Whole life insurance is permanent coverage that stays with you throughout your whole life. It provides a death benefit as well as other unique features such as lifelong protection and the ability to accumulate cash values on a tax-deferred basis. Talk to your insurance agent about which policy is right for you.
Myth 3: Life insurance is too expensive
Most people overestimate the cost of life insurance by as much as five times its actual cost. Depending on your needs and policy type, life insurance doesn’t have to be more expensive than what you would spend on coffee every month.
Life insurance doesn’t have to be difficult. At Action Insurance Group, we work with you to find the right coverage for your needs – whatever your budget. Our life insurance experts are ready to get started. Contact us today for more information.
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