Myth 1: Only seniors need life insurance
Many people believe that life insurance is only relevant for older people or those with serious health problems. In fact, life insurance can be especially beneficial for young and healthy people, as they can get policies at lower rates. The earlier you start insuring your life, the less the premium will cost. Besides, young people with families and children need financial security in the event of the sudden loss of a breadwinner.
Myth 2: An employer-provided policy is enough
Many people believe that life insurance offered by employer is enough to cover all their needs. However, such policies are often limited and may not provide enough coverage. Besides, employer-provided insurance may be interrupted if you change jobs.
Myth 3: Life insurance is too expensive
One of the most common misconceptions is that life insurance is too expensive. In fact, the cost of insurance policy can be quite affordable, especially if you buy a policy at a young age.
Myth 4: One policy is enough
Many believe that one life insurance policy is enough to cover all their needs. However, at different stages of life, your needs may vary. For example, one policy may be designed to cover your children’s educational expenses, another to provide income for your spouse, and the third to cover long-term financial obligations such as a mortgage.
Source: https://www.dig-in.com/opinion/life-insurance-myths-debunked-4-common-misconceptions
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