Discussing life insurance isn’t something you may wish to discuss, but maybe you should. Most people have countless questions regarding how much is necessary, if necessary at all, and what type of life insurance should be purchased. This type of insurance doesn’t have to be complicated if you are aware of some typical life insurance myths.
What you may not realize about this particular insurance protection is that it is designed to protect those people that love and depend on you. Trying to imagine what life may look like for your family, should something unexpectedly happen to you, is a difficult thing to do; however, if you have loved ones counting on you financially, it is recommended you invest in this insurance protection. Before purchasing any type of life insurance, be aware of some common misconceptions that can be put to rest.
Below Are Some Common Myths Concerning Life Insurance, but Not Limited to:
“My employer provides life insurance and that is enough”
Many employers DO indeed offer life insurance protection; however, you need to consider whether the existing amount is adequate to meet your family’s needs should something happen to you. There are many factors to consider when determining the amount of protection that would be sufficient, such as your annual income, monthly expenses, car loans, home mortgage, education costs, and funeral expenses. In order for your family/loved ones to continue their same lifestyle, the common rule of thumb is to purchase ten to twelve times your annual income to arrive at an estimated amount of insurance protection. However, it is always recommended you contact your local N.C. independent insurance agent for assistance.
“Life insurance is for elderly people”
This is a common myth; however, life insurance is typically more affordable the younger the person. A healthy young person is eligible for a lower premium rate so it’s never too early to consider this protection. After all, tragedy can hit at any time, regardless of age.
“I can’t afford life insurance”
While life insurance may be deemed as expensive by many people, you may be surprised at how affordable the protection actually is. Your local N.C. independent insurance agent can provide a quote for insurance that will meet your family’s financial needs so that if the unexpected happens, your family has a financial game plan in place for a nominal fee.
“I only need short term insurance”
Yes, short-term insurance is less expensive than a full-term plan; however, planning on the forefront could save many in the long run. When factoring in your loved ones, their future, and estimated future expenses, you may wish to consider a 20- or 30-year plan versus saving a few dollars by only focusing on a short-term investment. Your independent insurance agent can discuss the benefits of both and can guide you accordingly based on your unique needs and budget.
“Once I buy a life insurance policy, I never need to review it again”
Life happens and things change. So, when they do, so might your life insurance plan. It is recommended you review your policy on a routine basis and keep in communication with your local N.C. independent insurance agent to reevaluate and amend when and if necessary.
Your loved ones depend on you! Having something happen to you would be devastating enough without having your family suffer financially. Contact us TODAY at Twin City Insurance Agency to discuss your life insurance needs. After all, your family depends on it.