Common Life Insurance Myths


by Ben Ard Leadgenix on Feb 13, 2014

Like with seemingly everything else in this world, there are a number of myths that have been erroneously attached to life insurance policies, and their spreading has caused many to miss out on the distinct advantages they offer.  So, in light of the many myths circulating about, we here at Insurance Center Associates felt that now was as good a time as any to set the record straight concerning a few of the more popular myths defacing the value of life insurance.


Life insurance is pointless if I do not have dependents.


Life insurance is not solely beneficial to dependents.  In fact, there are many life insurance policies (under the umbrella of whole life policies) that can actually help to grow a person’s assets in life the same way any other investment option would. But even for term life holders, having a life insurance policy will enable your debts and expenses to be paid in full without having to leave those burdens to other family members (not to mention that a beneficiary to a life insurance policy can often be named by the policy holder, meaning that even those without dependents can still leave their life insurance payout to other loved ones).


Only the provider for the family needs life insurance.


As mentioned above, beneficiaries to a life insurance claim can be named by the policy holder, so why wouldn’t both parents of a family have life insurance? While most think of the provider as the one person of the family to have life insurance, the truth is that both parents can and should have life insurance policies to help support their spouse should the worst happen.


Life insurance is for the old or the middle-aged.


Not only should a young person be planning for their loved ones in the event of their death, but they should likewise have the wisdom to purchase a life insurance policy early on in order to save money in the future.  The reality is that life insurance rates only increase with one’s age, and while those who secure a policy early on in life will still have to deal with the increased rates as they too age, the difference in overall costs can be substantial. Purchasing a life insurance policy now will not only enable coverage for a young family but it can likewise save them money in the future.

As with everything, a person will need to do their own research and investigations into why life insurance is important for them in their own unique situation, but one should also remember that simply because a statement is popular does not mean that it is anything more than a widely circulated myth. 

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