When it comes time to shop for life insurance, you may be confused by the options are available. If you have been misinformed about life insurance, you can make the wrong decision when choosing your plan. Consider the following myths about life insurance and make a wise choice today.
Myth: You can not be in poor health
Many people think you have to be in perfect health to have a life insurance policy. When you apply for your life insurance policy, if you are healthy, you will pay lower rates than someone who is not healthy. You can get coverage if you are in poor health, but you should expect your premiums much higher than the average policy.
Myth: life insurance Costly
Life insurance is affordable; the average cost of a policy $ 250 000 for a healthy person is about $ 20 per month. Depending on the type of policy you choose, you can have a slightly higher rate means that the plan, but you never have to pay a high price for life insurance.
Myth: life insurance is only for people with children
Families with young children benefit from life insurance policies, but the above statement is a myth. Everyone can use a life insurance policy. With a life insurance policy, you can choose who you want your dependents and be your responsibility should not be your children. Upon your death, the policy can be used to pay for funeral expenses, estate fees, and more.
Myth: life insurance money will be paid when you die
Although most life insurance policies are paid at your death, some policies can borrow money against your policy once you have generated enough money in politics. The option to borrow money against your policy is ideal for those who need extra income for an unexpected expense.
Myth: life insurance rates Fluctuate Too Much
life insurance rates are often set for a fixed amount of time. While you will find an increase in the time rate time with life insurance, there is nothing outrageous.
Term life insurance usually lets you know your monthly rate and how long you will pay on the policy. You can expect not to pay anything higher than your current payments during the given period.
If you are shopping for life insurance, get several quotes so that you know what to expect. Weigh your options between term life, whole life and universal policies. Once you have found the right plan, it will often come into force the same day. A life insurance policy can provide security in emergencies or death. Do not sacrifice your financial well-being family because of misinformation and belief in myths above.