If you are starting a young family, you want to make sure that your family is financially secure no matter what life may bring. You need life insurance coverage to make sure your family maintains a good standard of living if something unexpected happens to you. Don’t let these three myths about life insurance prevent your family from getting the right coverage.
My family only needs term insurance.
This insurance coverage is excellent for many families because it offers years of great coverage. This doesn’t mean term insurance is the only type of coverage you should consider. While term insurance protects your family needs, life insurance provides many death benefits and allows you to gather cash values on a tax-deferred basis.
Only the breadwinners need to get life insurance.
Your family relies on you for a quality life, whether you bring home a huge paycheck or not one at all. You will be missed if something unexpected happens. Therefore, you need to consider securing life insurance, whatever your income.
Life insurance premiums are expensive.
Most families believe they can’t afford the cost of life insurance coverage because the premiums are expensive, but this isn’t the case. Life insurance is affordable and provides your family with reliable coverage. Depending on the type of policy you choose, the cost of getting life insurance doesn’t have to be more expensive than what you would spend on a bottle of wine.
