Life Insurance Thursday: 5 Myths About Life Insurance

insurance-451288_640Just like many other forms of insurance, life insurance provides you with peace of mind. You can rest assured knowing your loved ones will be financially taken care of if you were to pass away. It can be an uncomfortable issue to discuss, but life insurance will provide protection in case something was to happen to you.

Beginning today, our blog will be featuring a special life insurance post every Thursday. These posts will educate you on life insurance—and why it is right for you.

Today, we will be uncovering 5 myths about life insurance.

1. All I need is group life insurance provided to me from my employer.

FALSE. The rates through your employer may be low; however, the coverage may not cover all of your expenses. Ask your employer  how much coverage you have and from there you can determine if you need more.

2. Life insurance is only necessary if you’re married and have children.

FALSE. If you have anybody at all that is depending on you financially, then you need life insurance. Think about if you have siblings, parents, children, or a spouse that depend on you—then you will need life insurance.

3. Life insurance is way too expensive.

FALSE. Life insurance is more affordable than you think. Give us a call here at Community Insurance and we would be happy to quote you.

4. You still have to pay taxes on the money you receive if your beneficiary passes away.

FALSE. In most situations, the money you receive is tax-free.

5. Life insurance always requires you take a medical exam first.

FALSE. There are some forms of life insurance that do require you to have a medical exam; however, there may be other types of coverage available to you. For example, whole life insurance is usually a more simplified process.

If you have any questions about life insurance, feel free to give your local insurance agent a call today. Also, make sure to check back here every week for life insurance Thursday.

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