Unlike auto and home insurance, not everyone believes they need a life insurance policy. There are a lot of myths and confusion surrounding this type of coverage that a trusted insurance company can quickly clear up. Luckily, Somers Agency has been providing quality coverage to their Lorain County, OH, clientele for years. Here, they debunk three common myths about this misunderstood policy.

An Insurance Company Explains the Truth Behind 3 Coverage Myths

Only Breadwinners Need Life Insurance

While replacing necessary income is one purpose of this policy, your insurance company will explain that if a spouse who isn’t the breadwinner passes, coverage might still be required to pay for child care or other household needs the stay-at-home spouse was providing. Regardless of whether the stay-at-home family member was contributing financially or not, the impact of their loss will be felt in other areas where they did contribute. Investing in a policy for both partners can allay expenditures related to maintaining a household. 

Single People Don’t Need Life Insurance

While single people generally don’t have dependents who rely on them for basic needs, they may still need life insurance. However, if a single person passes, this policy can provide for funeral costs, unpaid bills, and any other expenses you might need to cover. 

My Work Policy Is Enough

Those fortunate enough to have a policy through their workplace might think they’re safe. However, this plan is usually a fixed amount per associate. Unless you opt for additional coverage, the benefit might not be sufficient enough to sustain your loved ones’ needs after your passing. 

If you’re considering purchasing a life insurance policy or are shopping for different coverage, speak with a specialist. Somers Agency is Lorain County’s insurance company of choice. They pride themselves on providing expert advice so their clients are protected in every aspect of life. Call their qualified team today at (440) 324-3447 or visit their website for more information.