When it comes to purchasing life insurance, the options presented to you can confuse you. If you have been misinformed about life insurance, you can make the wrong decision when choosing your plan. Consider the following life insurance myths and make a wise choice today.
Myth: you can’t be in poor health
Many people think that you must be in perfect health to have a life insurance policy. When you buy your life insurance, if you are in good health, you will pay lower rates than those that are not. You can get coverage when you are in poor health, but you should expect your premiums to be much higher than the average policy.
Myth: life insurance is expensive
Life insurance is affordable; the average cost of a $ 250,000 policy for a healthy person is around $ 20 a month. Depending on the type of system you choose, you may have a slightly higher rate than the average plan, but you never have to pay a life insurance premium.
Myth: Life insurance is only for people with children
Families with young children have life insurance policies, but the above statement is a myth. Anyone can use a life insurance policy. With a life insurance policy, you can choose who you want your dependents to be, and your dependents don’t have to be your children. Upon your death, the policy can be used to pay funeral costs, inheritance costs, etc.
Myth: Life insurance money isn’t paid until you die
Although most life insurance policies pay when you die, some plans allow you to borrow money against your plan once you have generated enough money in the system. The option to borrow money on your system is ideal for anyone who needs additional income for an unexpected expense.