Have you considered life insurance? The sad truth is that having this type of policy generally falls off most people’s radar due to believing one of the many myths surrounding this coverage. Here are three different fallacies to know and ignore.
Myth #1: Stay-at-Home Spouses Don’t Need Coverage
Many people wrongly believe that stay-at-home spouses do not need life insurance coverage. The truth is that having a policy for a non-working parent is almost as much or more important than carrying coverage on the main earner. Why? Think about everything your spouse does for your household—taking care of children, cooking, cleaning, running errands, etc. If he or she were to pass away suddenly, would you be able to complete those tasks on your own while still working at your current job? Or would you have to hire someone to help? In addition, how would you supplement your income during the time it takes to transition your family past grief? In these circumstances, having a death benefit available could allow you to pay bills or hire additional help during that time.
Myth #2: Life Insurance is Too Expensive
Another misconception is that life insurance is too expensive. The truth of the matter is that most policies only cost a few dollars a month. If you equate this to several days of eating lunch out, a daily cup of gourmet coffee, or a special trip to the beauty salon bi-monthly, the price of coverage is still really affordable.
Myth #3: You Need a Ton of Coverage
One more myth to ignore about life insurance is that you need a ton of coverage. For most people, a death benefit payment after the passing of a loved one is only necessary for a short period of time. Others want to make sure their spouse and children have an adequate amount to cover burial expenses, pay off a mortgage, or eliminate debt. Policies come in a wide range of amounts, so it is important to speak with your agent to find a level that suits your needs.
For more information about life insurance, please contact our team at Integra Insurance Services today.