Life insurance is one of those things that no one wants to think about, but it’s an important thing to consider. Learn these myths so you aren’t leaving your loved ones in a bad financial situation.
1. You Don’t Need Coverage If You Don’t Have Dependents
Even those that are single should have enough insurance to cover any debt, medical bills and funeral expenses. This will ensure that you don’t leave unpaid expenses for your family.
2. You Only Need Twice Your Salary for Coverage
The amount of insurance is going to differ for everyone depending on needs. Factors like funeral costs, the ability to pay off the mortgage and money to provide for your family for several years will go into determining what the coverage should be.
3. Life Insurance Coverage at Work Is Enough
For a single person the employer coverage may be enough, but if you have other dependents you may need more coverage than the policy has to make sure everyone is covered. Even with a work policy, additional coverage can be purchased at State Insurance Solutions serving Arlington, TX.
4. Only the Breadwinner Needs Life Insurance
If one person is a homemaker and they pass, there will be other costs to consider, like cleaning and daycare, so life insurance coverage makes sense to cover those losses.
5. It’s Better to Invest than Buy Life Insurance
You may pass before your investments break even and there will not be enough money to cover the necessary costs for the family with just investments. Once your family goes through current assets, there won’t be any money left over.
There are plenty of things to consider for life insurance and purchasing earlier in life is better. Contact State Insurance Solutions serving Arlington, TX to learn more about your options for life insurance.