Just like an ostrich buries its head in the sand thinking it is hiding from predators, human beings too do not like to talk about unpleasant topics like death and mortality. However, we have to realize that we are not immortal and that as the head of the family, it is our duty to provide for the future of our dependents. One way is to take a life insurance policy. So, do not avoid insurance agents, but start the process right now.

Nevertheless, life insurance is a topic that should be discussed sooner than later so that we will not regret not having one in the future. A life insurance policy is important because it will serve as the replacement income that will be lost in case of an unexpected death of a person or if that person becomes incapable of working due to an accident. Therefore, in order to make people understand more about life insurance, here are some myths about it that must be busted first.

Myth 1. Only people who have dependents need life insurance. While this holds true because the main goal of a policy is to protect a policy holder’s spouse and children through the death benefits once the holder dies; the need for life insurance is not limited to this situation. An unmarried person who has a small business which employs people may purchase a policy to protect his/her employees who are financially dependent on his/her being able to manage the business. A policy may also be used by people to settle any debts or financial obligations that they might have incurred while they were still alive. There are times when death benefits may be given to elderly parents if the policy holder dies ahead of them.

Myth 2. “My employer informs me that I already have life insurance with the company, I’m sure that that is enough”. State laws require employers to insure their personnel and to indemnify loss of a life of the personnel if the death is work related. While it is true that you are covered, employers will usually get the cheap term life insurance quotes which may not be enough to cover for the needs of your family in the event of your death. Also, company-sponsored life insurance policies are only effective during your employment with the company. Once you leave the company for any reason, your life insurance will also be terminated.

Myth 3. “I only need insurance when I am already old”. A lot of people have this kind of thinking. They think that they only need to be covered by a policy only if they reach a certain old age. This is actually the opposite and purchasing a policy while you are young will allow you to save more money because you will be offered cheaper life insurance quotes. Insurance underwriters determine a person’s insurability based on age and results from medical examinations. Younger people are usually rated as good candidates for insurance coverage because they have a higher life expectancy than the older ones. This means that the term life insurance quotes offered to young people are significantly better in terms of cost and value than those offered to people of older ages.

Myth 4. Any life insurance policy will do. There are different life insurance policies out in the market today and they differ from each other. The two main types of policies are the permanent life and the term life. Each type of policy has its own advantages and disadvantages and therefore a person must carefully consider each type of policy and decide which one will be best suited for the needs of his/her family.

Myth 5. I need life insurance but do not have the time to apply for one. Several years ago, this fallacy was true for there was no Internet and people had to spend time visiting insurance companies. They also had to wait for the complete underwriting procedure to be finished that included filling out several forms and waiting for a thorough medical exam result to be submitted. Only then will a person be declared insurable or not. These days, those who want to can apply for life insurance online and complete the entire process without leaving their desks and within quick time.

Article by David Livingston who\’s an expert in life insurance. Visit his site today to get even more information about low cost life insurance and fully equip yourself to get the best and most up to date information before committing yourself to a long term plan.

Article by David Livingston of EQuote, who is a specialist in everything life insurance. For more information, visit his site at https://www.equote.com/life-insurance/no-medical-life-insurance/.

Author Bio: Article by David Livingston who\’s an expert in life insurance. Visit his site today to get even more information about low cost life insurance and fully equip yourself to get the best and most up to date information before committing yourself to a long term plan.

Category: Finances
Keywords: life insurance quotes, cheap term life insurance quotes, term life insurance quotes