People hate discussing life insurance, but they need to talk about it. If you have three kids and a wife who are depending on you, you need to take care of them, and in insurance policy will protect them if something happens.
Myth #1: Only the Breadwinner Needs a Policy
Depending on the circumstances, you may want to put a policy on the stay-at-home spouse too. This is because if tragedy strikes, it may force the working spouse to hire someone for cooking, cleaning and childcare. Unless the family can spare the extra income, insuring both spouses is necessary. Additionally, this gives the working parent time to take off work and help the family adjust if something happens.
Myth #2: Life Insurance is Too Expensive
Life Happens and LIMRA conducted a recent study where 25 percent of Americans said they needed more coverage. However, only 10 percent planned to purchase it within the next year. An estimated 63 percent said this was due to cost, but more than 80 percent of them overestimated the expenses. Approximately 25 percent believed that a $250,000 20-year policy costed $1,000 or more per year. In truth, it only costs an average of $150 per year.
Myth #3: Better off Investing Than Buying Life Insurance
People take a huge risk when they depend on their investments, especially if others are dependent on them. If you die without coverage, there may be no provisions for them after your assets have been depleted.
When looking at a policy, seek guidance from a trusted source. Avoiding the pitfalls of a policy can be done through experienced advice. Understanding the benefits and exclusions can help consumers to determine if the policy works for them. Jean Setzfand, vice president of financial security, has warned that you want to avoid being over insured to prevent overpaying.
Call Pachuta Insurance Today @ 706-769-2262
Sources:
Forbes
Fox Business
Myth #1: Only the Breadwinner Needs a Policy
Depending on the circumstances, you may want to put a policy on the stay-at-home spouse too. This is because if tragedy strikes, it may force the working spouse to hire someone for cooking, cleaning and childcare. Unless the family can spare the extra income, insuring both spouses is necessary. Additionally, this gives the working parent time to take off work and help the family adjust if something happens.
Myth #2: Life Insurance is Too Expensive
Life Happens and LIMRA conducted a recent study where 25 percent of Americans said they needed more coverage. However, only 10 percent planned to purchase it within the next year. An estimated 63 percent said this was due to cost, but more than 80 percent of them overestimated the expenses. Approximately 25 percent believed that a $250,000 20-year policy costed $1,000 or more per year. In truth, it only costs an average of $150 per year.
Myth #3: Better off Investing Than Buying Life Insurance
People take a huge risk when they depend on their investments, especially if others are dependent on them. If you die without coverage, there may be no provisions for them after your assets have been depleted.
When looking at a policy, seek guidance from a trusted source. Avoiding the pitfalls of a policy can be done through experienced advice. Understanding the benefits and exclusions can help consumers to determine if the policy works for them. Jean Setzfand, vice president of financial security, has warned that you want to avoid being over insured to prevent overpaying.
Call Pachuta Insurance Today @ 706-769-2262
Sources:
Forbes
Fox Business
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