Don’t Let These Common Mistakes Keep You Uninsured!
February is Insure Your Love month! This campaign is sponsored by Life Happens, a nonprofit whose mission is to give you unbiased information to help you make smart insurance choices to protect your loved ones. Everyone should have Life Insurance coverage but the type you need will vary according to a variety of considerations. Unfortunately, too many people have no protection at all. Don’t make these common mistakes when it comes to this very important part of your life:
Mistake #1: Believing That Life Insurance Is Too Expensive
Life insurance comes in many packages and most of them are very affordable. In fact, if you get insured when you are younger and healthier, you can get coverage for the cost of a streaming service! Cash value policies like Whole Life or Universal Life provide savings options that can help you build wealth while you’re protecting your family. Also, consider the cost of not being insured to your family if you die. Will there be enough money to pay the mortgage…fund a college education…buy groceries?
Mistake #2: Thinking You’re Too Young for Life Insurance
There’s really no such thing as “too young” when it comes to Life Insurance. In fact, the younger and healthier you are, the easier it is to get insured and the rates are much lower at younger ages. Some of the most popular polices are bought for children who will have guaranteed coverage for the rest of their lives once they reach adulthood. Are you a single parent? Maybe you’re a young couple with a child just starting out. Perhaps you’re caring for a family member or friend? No matter how young you are, if someone relies on you financially, you need to have a plan for what happens if you are no longer in the picture for them.
Mistake #3 Waiting Until Later to Get Insured
Getting Life Insurance is one of the easiest things to put off. After all, you woke up alive today, so why bother!? The reality is this…the longer you put off getting insured, the older you get and the likelihood of contracting a medical condition that makes it harder to get insured increases. Life insurance also increases in cost as you get older, even if you are healthy. Don’t find yourself in a situation where you need to get insured when the cost is more than you can afford due to age or health!
Mistake #4 Believing That Life Insurance Is Only Useful If You Die
This is a common belief about life insurance that is just not true! Some Life Insurance polices build up a cash value that can be used as a savings account for emergencies, college tuition, long-term care expenses or a variety of other reasons. Other policies provide an option to get a monthly benefit to pay your mortgage if you become unemployed or disabled. There are also policies that will pay you back all your premiums if you end up not needing the coverage!