We’ve talked about a lot of different kinds of insurance policies here on the Glover Family Independent Insurance blog, but one type that we haven’t spent too much time on yet is life insurance. Life insurance is an incredibly important one to have in many different situations, but there are all kinds of beliefs out there that muddy the waters and make it hard to understand if you should or shouldn’t get your own policy. Today we’re going to set the record straight by diving into a few life insurance myths that you should definitely stop believing in 2025!
“I’m Too Young to Need Life Insurance”
Unfortunately, one of the biggest myths people tend to believe in regards to life insurance is that it’s only for the elderly. That couldn’t be further from the truth, and honestly having a life insurance plan when you’re young is actually one of the smartest financial moves you can make. The sad truth is that we never know what’s going to happen tomorrow, so even if you’re young and healthy, locking in a policy early can help protect your loved ones from unexpected financial burdens if the worst comes to pass.
Even if you’re single or don’t have children, having a life insurance policy can ensure that no one else is on the hook for your debts, cover the costs of your funeral and even leave a legacy for someone else that you care about. The beneficiary doesn’t have to be a spouse or offspring if you don’t have one! And the good news is that the younger and healthier you are, the lower your premium is going to be, so it really is the smartest time to get a policy.
“It’s Too Expensive”
Because of how big the benefits tend to be for a life insurance plan, a lot of Americans tend to overvalue what life insurance must cost — but it’s not as expensive as you might think! The truth is you might actually pay less for a life insurance policy than you do for a single streaming subscription if you’re a healthy individual, which makes the benefits that much more valuable if you end up needing them.
“I Can’t Get Life Insurance Because of My Health”
While it’s true that having certain health issues may negatively impact the price of your premiums, nothing automatically disqualifies you from obtaining life insurance. While certain insurers might pass, others are known to offer policies even to people with chronic conditions and others still even specialize in coverage for high-risk individuals. You could also obtain a guaranteed issue policy that doesn’t even require a medical exam. The key is finding the right independent agent who understands your needs, and our staff here at Glover is more than capable.
“My Employer’s Life Insurance Is Enough”
Although it’s a great benefit to receive group life insurance through your employer, it’s very rarely a sufficient policy. While some employers may differ, the vast majority of employment policies will offer coverage equal to your annual salary, or perhaps two times as much. While this is nothing to sneeze at, it won’t support your family long term, whereas a personal plan certainly can. Not to mention the fact that changing or losing your job means the coverage goes away, too.
“Life Insurance Is Only for Death Benefits”
Traditional life insurance was, without a doubt, designed to provide financial support after death. But these days, there are many modern policies that offer benefits to the living as well. For example, there are policies out there that allow you to access your funds in the event of a terminal illness, a chronic condition or even if you establish long-term care needs. Then there are others that will actually build cash value over time, from which you can borrow or take to use for retirement planning. Life insurance isn’t just about dying, it’s also about living with peace of mind!
If you have any additional questions about life insurance, or would like to get to work with an agent, don’t hesitate to get in touch with us right here at Glover Family Independent Insurance today!
