Life insurance is for the people you love. It’s for the people you leave behind. You have life insurance to secure your family’s financial future so they can live the life you hope for them.
With all the benefits of life insurance and the importance of what is does, there are way too many people who don’t have any or not enough.
Why is this? Is it lack of education? Perhaps the insurance industry, along with insurance advisors aren’t doing a good job of communicating the true benefits of life insurance.
Here’s a list of some myths related to life insurance.
It’s too expensive: It’s not. Term insurance is temporary insurance that can be bought for 10, 15, 20, 25 and 30 years. The life insurance cost is fixed for the term period you choose. For example. If you have a 20 year term policy, the cost is set for the 20 years. Term insurance is a good fit for young families that need a good amount of coverage while the children are young. Please visit www.damicoterminsurance.com to find out how affordable life insurance can be.
I don’t need it when I’m in my 60's: Not true. Many people still have mortgages into their 60's and sometimes children in college. You want to make sure you don’t leave your family with the burden of a mortgage, huge college loans and final expenses. You would be surprised that many survivors don’t have enough money to pay for their families’ funeral expenses. There are policies specific to burial and final expenses.
I don’t get anything if I outlive the term: It depends on the type of life insurance you have. Term insurance is for a temporary need. If you have 20 year term and you live beyond 20 years, then you are correct. You have paid the premium for the 20 year protection and don’t have anything after that. However, there are other life insurance policies that will give you cash savings and a return of all the money you paid over that time period. Please understand that those life insurance policies will cost you more money. Some people do a blend of term and permanent life insurance. Permanent life insurance can be designed to last for your lifetime.