Life Insurance Myths

1. If I am single or divorced I don't need life insurance

2. I only need life insurance coverage to cover two years of salary

3. My company insurance policy is all the coverage I need

4. I should always buy a term insurance policy over anything else

5.Only the breadwinner in the household needs to be insured

6.If I buy a term policy I should always add return of premium riders.

Life Insurance Facts

1. If you are young and single you still may require insurance if you have a lot of debt and school loans. Also having funds to cover your burial expenses. Locking in a life insurace rate when you are young and healthy can save you thousands in the future if you are diagnosised with a major medical condition later in life when you do have dependents.

2. You need as much coverage as required for your unqiue situation. Benefits should be able to cover the balance on your mortgage, any other debt, funeral costs, as well as provide for your spouse and/or dependents.

3. Life Insurance policies offered through your employment will not always suffice. It is important to determine your need and see if the company's coverage has a high enough face amount. A key man life insurance policy is different then a traditional policy offer through your benefits compensation package.

4. Though term is usually the least expensive form of insurance, it is not always the best. In some scenarios a universal or whole life policy may better suit your needs. That is why it is important to work with an agent or broker and go over all of your options.

5. Though the non breadwinner or homemaker isn't bring in income you will be very surprised as to how much it would cost to replace the services they provide to the household. House cleaning services and daycare will cost thousands of dollars.

6. ROP can be a good option in some cases, it is not always cost effective to add this rider. Return of premium insurance is substantially more money than a traditional term. Your alernative investment objectives will weigh into the decision whether it is right for you or.

What Else Can Life Insurance Be Used For?

Set up college fund for children or grandchildren.

Pay off the home mortgage.

Create a retirement fund.

Protect a business from the loss of a key employee.

Pay off Personal or business loans.

Replace a charitable gift.

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