Life insurance can sometimes be hard to understand. Do I really need it and if so, how much? Whether you decide you need life insurance or not, below we clear up some of the most common misunderstandings about life insurance.

Myth #1: I don’t need life insurance. I have some through my job.

Truth: Life insurance offered through your employer is a great benefit–while you have it. If you leave your company, the life insurance coverage doesn’t leave with you. Also, the coverage amount is usually a flat amount or equal to a year’s salary and that amount may not be enough–for long enough. While you may have the option to convert your work policy to a permanent policy or buy multiples of your salary, a separate life insurance policy stays with you no matter who you work for.

Myth #2: Life insurance is too expensive.

Truth: There are many different types of insurance to meet your needs and your budget. Some people only want to provide a death benefit for final expenses while others want to leave behind a pool of money for the kid’s college, paying off the mortgage and charitable giving. It’s up to you how much coverage you want.

Myth #3: Only healthy people can get coverage.

Truth: Life insurance companies offer coverage to people with a range of common medical conditions including high blood pressure. The coverage may cost more than someone in perfect health so it’s important to be up-front with health issues. Life insurance companies have medical underwriters and medical directors on staff so your information is with people who understand your health conditions.

Myth #4: I don’t need life insurance because I don’t have any dependents.

Truth: Even if you aren’t married or have children, life insurance helps pay for final expenses and settle estate debt like medical bills, taxes, etc. It’s also one of the easiest and most amazing ways to leave a legacy. The benefit can be directed to fund a favorite charity or cause, pay down family members’ mortgages, or send nieces, nephews to college. The legacy is yours and the possibilities are endless.

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