Choosing the right life insurance plan is important, no matter what stage of life you’re in. However, because of lack of information or time constraints, many people purchase generic life insurance plans—or even forgo the opportunity for coverage altogether. In this article we’ll address some of the myths and rumors about life insurance to put you on the right track for a better, more secure future.
Myth No. 1: Life Insurance is too Expensive
Studies show two-thirds of people say life insurance is too expensive. However, those same individuals overestimate the cost of life insurance by more than double what it actually is. People often make assumptions based on other insurance policies, such as car, home or flood insurance. Because of this, many families pass up the opportunity to protect and secure themselves for the future. When you do the proper research and weigh the cost with your family’s needs, you won’t have to empty your pockets to maintain your quality of life.
Myth No. 2: Term vs. Whole Life Insurance.
The two most commonly purchased insurance plans are term life and whole life. Let’s explore the two:
Most people believe that they can only purchase one policy or the other. However, purchasing a hybrid of the two plans, or both, is a possible solution. Life happens and needs change, making it nearly impossible to predict your future financial budget or lifestyle situation. In order to make sure you’re covered, evaluate both plan offerings to determine which assets from each policy best fits your needs.
Myth No. 3: You’re too Young to Worry about Life Insurance.
People often don’t think about life insurance until it’s too late. Perhaps the worst myth of all is that you shouldn’t worry about life insurance until you’re older. Most people don’t realize that the younger you apply for life insurance, the better; and, the longer you wait, the more you pay. When you wait until later in life to purchase life insurance, your payment rates could increase tenfold. You also might not qualify for certain policies, leaving many of your current needs unmet.
Although assessing insurance policies can seem challenging, it’s essential to find a policy that meets your needs. Many times, people are misinformed about their current plan, or don’t know which policies are available. But the sooner you start researching, the more likely you’ll purchase the right plan for you. KSKJ Life is here to help you find a plan that is both affordable and customizable. When you choose KSKJ Life, you choose to keep your lifestyle and family secure no matter what curveballs life throws your way. Reach out to your local KSKJ Life Agent today to learn more, or contact us here.
Interested in learning more about Whole Life insurance through KSKJ Life? Request a quote today from our team that has advocated for families and communities for over 120 years.