Until scientists discover the potion for immortality, we all need to prepare for our own deaths. There is nothing more we want than for our loved ones to be safe and stable when we die. This is where life insurance comes in.
If you don’t have a life insurance under your name yet, there is no better day to get one than today. But before you do this, here are some common myths to know to avoid getting scammed or fail to get the right life insurance coverage for your needs:
Myth 1: Term life insurance is the best life insurance for me.
There is no one-size-fits-all life insurance policy. This is due to the fact that we have unique needs. In some cases, life insurance can be well suited for those who need basic coverage. However for some, permanent life insurance may be a more viable option due to its cash savings component.
Myth 2: Variable life is a far better option than universal life insurance option
Universal life insurance is a permanent life insurance type that offers competitive interest rates. On the other hand, variable life insurance entails policy owners to pay several layers of processing fees that are allocated between the protection itself and the securities elements of this type of policy. Earnings from variable life insurance will depend on prevailing economic climate. With this in mind, if the investments do not perform well, policy owners may end up with no payouts to dependents altogether.
Myth 3: Only the main income generators in a household should purchase life insurance
The total cost of replacing the services rendered by the breadwinner can be extremely high. Not all life insurance companies can agree to maximum coverage in exchange for affordable life premiums. It is therefore sensible for other family members to obtain life insurance to guarantee financial stability, especially in a big household.
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