With new commitments, having children, and buying their first home, young
families often overlook purchasing the
life insurance they need. However, if a family member dies unexpectedly, life insurance
is there to ensure their family can maintain their standard of living,
remain in the home, and keep their plans on track. The following are common
misconceptions that prevent young people from buying the life insurance
necessary to protect their loved ones in the event of a tragedy.
Myth #1: Only Primary Breadwinners of the Family Need Life Insurance
No matter the amount of the paycheck, your families relies on everyone
doing their fair share to contribute. Even stay-at-home parents perform
important duties, such as childcare, housekeeping, and household management,
which can be difficult to replace for a surviving spouse.
Myth #2: If I Purchase a Term Life Insurance Policy and Discover That I
Still Need Protection When the Term Ends, I Can Renew the Policy at Any Time
Term policies often offer the best coverage at a low cost, which is why
they are popular amongst young families. Term insurance provides protection
for a certain period and can be ideal for those with expenses that will
go away over time, such as a mortgage or a child’s education. However,
families later understand that their insurance needs continue. And since
life insurance premiums increase with age, renewing your policy when the
term ends can be quite costly.
Myth #3: I Only Need Term Life Insurance
As mentioned above, term life insurance offers protection for only a specific
amount of time. Permanent life insurance policies provide a death benefit
and other unique features, including lifelong protection and ability to
accumulate cash values on a tax-deferred basis, in the same fashion as
assets in retirement-savings plans.
For more information about our services and option plans,
contact Insurance Specialists, Inc.to