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When it comes to term life insurance, there is an abundance of misinformation as to how this policy works. Such confusion can make it hard to decipher which advice you should and shouldn’t follow when purchasing a policy. In hopes of clearing the air, David R. Johnson Insurance of Beech Grove, IN, debunks the most common myths below.

The Truth Behind These 3 Life Insurance Myths 

1. It’s Always Better to Purchase Term Life Insurance & Invest the Difference

It is not always better to buy term life insurance. There are distinct differences between whole and term life insurance policies, and the cost of term coverage increases the older you get. If you know you must have life insurance when you pass away, it may make the most financial sense to purchase permanent coverage.

2. Life Insurance Is Incredibly Expensive

One of the biggest myths term-life-insuranceabout life insurance is that it is prohibitively expensive. Most people overestimate the cost of a life insurance policy, which can deter them from securing the coverage they need. The average yearly price for a healthy 30-year-old seeking a 20-year, $250,000 policy is only $160.

3. If I’m Unmarried Without Children, I Don’t Need Life Insurance

Even though you aren’t married or have dependents, it makes sense to purchase life insurance to protect your future. It’s impossible to know if your health could change, which is why buying a policy when you’re young and healthy will keep your premiums low. Also, it makes financial sense to have a policy to cover outstanding debt as well as hospital and burial bills.

You can rely on David R. Johnson Insurance to help you understand all available term life insurance options and make the best choice for your needs. Give him a call at (317) 782-8858 for a free insurance quote. You can also visit his Facebook page to learn more about this dedicated insurance agent.

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