Life Insurance Myths That Could Hurt Young Families

27 Feb Life Insurance Myths That Could Hurt Young Families

Common life insurance misconceptions young families believe.

Young families have a lot on their plate, from new commitments such as buying a property or having children, to making sure they are financially stable. What young families tend to forget is that life insurance is so important. If you were to die unexpectedly, how would your family manage? Life insurance is there to ensure your loved ones maintain their standard of living and keep plans for the future on track. Don’t let these common myths stop your family from getting the coverage you need and deserve.

Myth 1: Only the breadwinners need life insurance.

Whether you or your partner bring home the largest income, your family relies on you to maintain its quality of life. Even if you’re a stay-at-home parent, you provide valuable services that would be costly to replace, such as childcare, cooking, cleaning, and transportation. All adults should consider securing life insurance, whatever their income.

Myth 2: I only need term insurance.

Term insurance is great for many young families because it provides years of coverage, say 10, 20, or 30 years, and is incredibly affordable. Even so, that doesn’t mean it’s the only type of insurance you should consider. Permanent life insurance provides a death benefit as well as accumulating a cash value while providing lifelong protection.

Myth 3: Life insurance is expensive.

It’s a popular myth among families and individuals that they can’t afford life insurance because the premiums are that steep. However, this isn’t the case. Life insurance can be incredibly affordable and provide your family with reliable coverage. Talk to your insurance agent about how to save on life insurance and you may be surprised to find out how affordable it is.

Life insurance is the gift that keeps on giving to your family even when you’re gone. If you need help securing a life insurance policy is best for you and your family’s needs, get in touch with industry professionals. Contact Kevin or Marci to get started on securing the right life insurance today!