Life insurance is one of those things you don't want to think about and surely don't hope will need to be used. However, it is one of the best investments you can make for your family. It can provide you with peace of mind and your family with the financial stability they need should something happen to you. Still, if you are like many people, you don't know all there is to know about this type of insurance, what it means to you and why you should get it soon. Consider these myths, and the truths that follow.
Myth 1: I'm Healthy and Don't Need It
First, realize that anything can happen to anyone at any time. If you were in an accident, your family could suffer in your absence. If you were diagnosed with a condition today, getting life insurance tomorrow could be either impossible or very expensive. Second, policies for those that are older that promise to "not turn you down regardless of your age" often offer limited benefits during the first few years. Get life insurance now while you are healthy and younger, before anything occurs to jeopardize your health.
Myth 2: Life Insurance Doesn't Help Me
If you don't have a family or your loved ones don't need financial support, you may not realize the value that these policies can offer. However, some options, such as universal life insurance, can still be beneficial. They provide you with an opportunity to borrow inexpensively from the plan, acting as a more affordable form of loan.
Myth 3: Medical Screenings Are Easy
Some life insurance policies promise a simple medical exam, or no exam at all. However, life insurance carriers take your assessment seriously. For that reason, be upfront and honest about your overall health. Be sure you are providing your agent with everything you know, since most policies may require an exam.
Myth 4: All Policies Are The Same
When comparing the various policy types and plan options you have, take the time to consider the details. Exclusions, limitations and gaps in coverage may apply. Pay close attention to the details of your policy.
Myth 5: You Can’t Save Money With Life Insurance
Did you know you can bundle your life insurance plan alongside your other health insurance, and maybe even your home and auto insurance as well? This can help to reduce your costs. Purchase all plans from the same agent to get these savings.
Ultimately, most people who work and have people relying on them for income need life insurance. Don't put it off. It could cost more, be more difficult to get and even be limited in availability in some cases if you do put it off.
Do you know myth from truth? Call Crawford Butz & Associates Insurance Agency at 314-752-2500 for more information on Frankfort life insurance.