Monumental Life Insurance Myths

When you’re looking to get a monumental life insurance policy, you’ll more than likely hear a lot of facts about life insurance but it’s important to know which ones are true and which ones are completely false. There’s so much information about life insurance available to people today, so it’s no wonder that people get confused now and again. I’m going to talk about some of the most widespread myths about life insurance, which are simply not true.

Every Person Should Have Life Insurance – This is possibly the biggest myth that people talk about in relation to monumental life insurance. Firstly, you should take in to account why people purchase life insurance in the first place. People purchase it to ensure that their family will not be in any financial difficulties if they were to pass away. This means that if you believe that your family would have the same lifestyle when you pass away as they have before you pass away, then there is no point in getting a life insurance policy. You’d be much better off keeping the weekly/monthly payments in to your bank account for your family or even just live life to the full and enjoy yourself with it.

You Only Need Life Insurance If You’ve A Partner – A lot of people think that there’s no need for life insurance if you are single since you don’t have a family that’s dependant on you. This isn’t true at all, since a life insurance policy can pay for so much more than just looking after your spouse or children after you pass away. Think about all the costs associated with a death, ranging from funeral costs to outstanding bills that the person has.

Life Insurance Is Only For The Rich – This is another massive myth. There’s a high percentage of the American population that think that monumental life insurance is only for rich people that have more money than sense. Just like the above points though, this couldn’t be further from the truth. Of course there are some policies which are quite expensive, but that doesn’t mean that you need those policies. There are literally hundreds of different policies to choose from and there are many that are specifically designed for people who wouldn’t be able to afford the top life insurance policies. Think about it this way, there are loads of mobile phones on the market at the moment; let’s say the iPhone is the top mobile phone (as well as the most expensive) while there’s another cheap phone that obviously isn’t as good as the iPhone. Are you better off not having a phone, or just buying the one that you can afford? (The cheap one) I know what one I’d pick, and it’s the exact same situation in relation the life insurance, it’s always better to have some type of coverage rather than none at all.

Only Sick/Old People Need Life Insurance – What’s the point in having a life insurance policy if your health is perfect or you’re young? Surely you’d be wasting your money if you bought a life insurance policy, right? Wrong. It’s actually a good idea to get coverage while you’re young and in good health so that the cost of your policy will be much less in the future. If you get a quote from a life insurance company when you’re old or have a health condition, they’ll either refuse to insure you or charge you a lot of money – two things that you don’t want to deal with when you’re older and have less money than in previous years.