(ThyBlackMan.com) When you ask people about the different topics that they want to think about, you will probably find the topic of life insurance among the last items on their list. It is a fact. Almost nobody wants to think about or rather yet, talk about life insurance. One reason for this is that life insurance is associated with the thought of a person dying. Since nobody wants to think about dying, they do not want to think about anything associated with it. Another reason why people shun away from discussions about life insurance is because of the confusing terminology that goes along with it.
Many people do not like to talk about life insurance because they feel overwhelmed about all the terminologies involved in purchasing a policy. Other people feel that a Final Expense Insurance policy is for somebody else to worry about and not them. Debunking the different myths that people have about life insurance can help you understand why you need a policy.
Myth 1. Life insurance is only for people who have dependents
While it is true that the main goal of a life insurance policy is to protect your spouse and children through death benefits that will replace your income if you die, it does not necessarily mean that you won’t need a policy when you are unmarried. A low-cost life insurance policy
such as Final Expense Insurance can be used by an unmarried person to pay for unsettled debts and funeral expenses once this person dies. Without insurance, any debts that the person may leave behind may be transferred to their immediate relatives. The benefits can also be used for charity and inheritance to a relative to serve as a person’s legacy.
Myth 2. “My job gives me life insurance; I’m sure that is enough”
All companies must have personnel insurance and are required to indemnify the loss of a personnel’s life if death is work-related. However, the amount of coverage that companies will payout may not be sufficient for your family’s immediate and future needs. If you do not have dependents, then the coverage from your company may be enough. However, if you lose your job, you will also lose your life insurance, and therefore you may not be able to avail of its benefits. Having a life insurance policy other than the ones provided by your employer will give you added peace of mind that your loved ones would be taken care of in the event of your demise.
Myth 3. “I’ll purchase insurance when I am already old”
Many people believe that a life insurance policy is only for older adults, and therefore, they ignore purchasing one while still young. However, it is while you are still young that you should buy a policy. Underwriters of insurance companies will assess a person’s insurability based on their age and medical examination results. When you apply for a policy while you are still young and in peak physical condition, you will be offered better premium rates as compared to when you are already too old.
Myth 4. All life insurance policies are the same
More often than not, a person who plans to purchase a policy will not bother to look at the different policies believing that all policies are the same. You need to look over all the details of the policy first before deciding to purchase it. You might want to be covered by insurance for the rest of your life but instead, end up with a term life insurance policy that would end after a specific period.
Myth 5. Purchasing a policy is too much trouble and time-consuming
A lot of times, people forgo purchasing a policy because they think that doing so will mean that they have to set aside a lot of time to listen to insurance agents explain all the terminologies, have to undergo a medical exam and wait for a while to be accepted or granted a policy. Traditionally, this is how policy is purchased. However, because of the advances in technology, you can purchase a life insurance policy online without having a medical examination. Nowadays, a person has to visit a website of a Final Expense Insurance company, enter his/her data, honestly disclose his/her medical background, choose the amount of coverage that he/she prefers, wait a few minutes then he/she will already receive a life insurance quote online.
Melissa Thompson of Burial Insurance Pro mentions many people can obtain a burial insurance policy in a matter of minutes. Many highly rated companies can make an instant decision towards a person’s eligibility. Waiting days or weeks for an underwriting decision is no longer necessary. Knowing that you can be approved in a timely manner is all the more reason to explore policies like these.”
Not knowing the truth about life insurance policies may cause a person to avoid purchasing one. It is better to debunk all the myths about insurance to have a better understanding of it.
Staff Writer; William Jacobs
