Sunday, September 11, 2011

Life Insurance Myths - Part 1

Myth 1: I'm single or married with no children, so I don't need life insurance.

Fact: Life insurance can help you cover your debts and help you provide for your loved ones in the event of death, even if you have no children.

Myth 2: I can't afford life insurance.

Fact: Term Life Insurance (which is life insurance purchased for a period of time) is typically affordable for many people. You may even be able to purchase a policy for less per month than the cost of going to the movies once.

Myth 3: I'm a stay-at-home parent. I have no income. I don't need life insurance.

Fact: If you're a stay-at-home parent, you may not have an actual income but you do provide services that would otherwise cost money - daycare, house cleaning, cooking, etc. Should you pass away, these services may need to be purchased and can cost your family thousands of dollars.

Myth 4: I have a policy through my job. If I take another job or get laid off, I'll just take this policy with me.

Fact: Typically, life insurance provided through your job is not transferable. If you leave that job, you may also be leaving your life insurance policy.

For more information on life insurance and the myths and facts that come with it, contact us at Funeral Dignity Life.

Source: Allstate

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