Do you have life insurance? If you’re under 30, the answer is probably no—but you should. It can be difficult to wrap your mind around paying for something that you yourself will never see become useful, but it can make all the difference for those who know you. The bottom line is that you need life insurance. Still don’t believe us? Let’s take a look at the five most common myths surrounding life insurance.
It’s Too Expensive
Many people balk at the idea of paying for life insurance when they are already living a paycheck-to-paycheck life. While that makes sense at first, when you learn more about life insurance you realize two things.
First that it’s often not nearly as expensive as you were thinking. A $250,000 life insurance policy for a healthy thirty year old male can be as cheap as $150 per year. It’s entirely dependent on the policy you choose and your personal circumstances. Take the time to get a life insurance estimate, you’re worth it.
Second, if you are already struggling with expenses now, imagine what would happen if something were to unexpectedly happen to you. An investment in life insurance is an investment in your loved ones. It’s always worth the money.
It’s Only For Old People
Not so! It actually makes the most sense to invest in life insurance when you’re young, because the premiums are substantially lower. The longer you wait, the more expensive your life insurance premium will likely be. Now, when you take that logic a step further you realize that the biggest reason not to wait to buy life insurance til you’re older, is that by the time you need it, it could be too late.
I’m Extremely Healthy
You could eat right, exercise every day and be in the best shape of your life, but you are still not invincible. Accidents do happen, and it pays to be prepared. Take advantage of the low premiums offered to young and healthy people and invest now. It will only be more difficult (and expensive) to get the care you need down the road.
I Don’t Have Kids
While kids are a major reason to invest in life insurance, they are not the only reason. Take the time to think about anyone who would be financially burdened should something befall you. Whether it’s your spouse, live-in partner, parents or a sibling, investing in life insurance will make your loved ones lives easier should something unexpected happen.
I Have Life Insurance Through My Job
That’s great! But it’s often not enough. Life insurance policies through work often have a lower total payout–twice your yearly salary may sound impressive, but it often is not enough. Not only that, but most of those policies don’t follow you if you leave your job. That means you’re paying into an insurance policy that will completely disappear should you switch jobs. While having life insurance through work is an awesome start, it’s not enough to be totally comprehensive.
If you’re considering investing in a life insurance policy, do it. It’s worth the (small) price of admission. At the very least, reach out to an insurance professional and get an estimate! The staff at TGS Insurance are ready and happy to help. Reach out to them via their website, www.tgsinsurance.com.