AAA: Third of Georgians without life insurance
"Life insurance is a crucial part of financial and insurance planning,"
Many people have preconceived notions about life insurance that may prevent them from obtaining important coverage. Some common misconceptions include:
Myth: Life insurance costs too much.
Fact: Many people tend to overestimate the cost of a life insurance policy. Georgians cite cost as the No. 1 reason they have not purchased a policy. In reality, a life insurance policy can be quite affordable. For instance, a 35-year-old woman in excellent health who has never used nicotine may get
Myth: You can't have multiple life insurance policies
Fact: You can have more than one life insurance policy. Someone with coverage through work, or a policy with a shorter term period, might decide to supplement it with additional coverage from another policy that can provide coverage for life. Employer coverage is often not portable. Over half (55 percent) of
Myth: I don't need life insurance; I'm single.
Fact: There are many scenarios that make life insurance a good idea for single people. You may have aging parents who depend on you for their care (or will in the future). You may want to leave funds for a family member, such as a niece or nephew, or even make a financial contribution to an alma mater or a favorite charity. And some life insurance policies can have value other than a death benefit. Universal Life insurance, for example, can grow cash value over time, and loans can be taken out for emergencies on the value of the policy at a fixed rate (just make sure to pay it back).
Myth: I can't get life insurance because I'm over age 65.
Fact: There are many types of policies, such as Whole Life insurance available to individuals over age 65, that can play an important role in the handling of final expenses, which might otherwise burden a surviving spouse or other family members. The sooner you take action to obtain a policy, you will receive more coverage choices and more attractive premiums.
"These are just a few of the common misconceptions some have about life insurance. The best thing you can do is talk with your life insurance agent about the right coverage for you,"
Of those
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