Life insurance is one of the most misunderstood financial products available. People are often overwhelmed while shopping for a policy or make the mistake of foregoing coverage altogether because of mistaken preconceived notions. In reality, this type of insurance plays a crucial role in protecting your family’s future. Therefore, it’s essential to clear up any confusion you have to ensure you’re able to make sound decisions regarding coverage. Here is the truth behind a few of the most common misconceptions.

Debunking 3 Myths Surrounding Life Insurance

1. You Don’t Need Life Insurance If You’re Young, Healthy, & Single 

Generally speaking, the ideal time to purchase life insurance is when you’re young and healthy. As you age, coverage will only continue to increase in price. Additionally, even if you’re single with no dependents, certain financial obligations still must be met should you pass away unexpectedly. Without a policy, your closest family members could be burdened with paying your funeral expenses and outstanding debt.

2. Having an Employer-Provided Policy Is Sufficient

Being offered a policy through your employer is a benefit worth taking advantage of. However, don’t automatically assume it will provide sufficient coverage for your family’s needs. It’s recommended that you purchase an additional individual policy that’s capable of replacing your income and allowing your loved ones to maintain their current standard of living. This will also ensure you continue to have coverage if you’re unemployed

3. Term Life Insurance Is the Best Option for Everyone 

Term policies offer the most affordable way to secure life insurance and will give you peace of mind that you’re covered for a specific time frame. On the other hand, permanent policies build cash value that can be withdrawn at any time and will provide coverage for the rest of your life. The truth is that everyone’s needs and circumstances are different, and what’s suitable for one person may not be for you. Thus, you should do careful research before deciding which plan to go with.

You owe it to yourself and your loved ones to learn as much as possible about life insurance before making any coverage decisions. At Farmers Insurance Group, we are committed to making sure every client is well-informed about their different product options. We have served the residents of Ozarks for many years and take pride in knowing they trust us to help them protect the things that matter most. Call us at (417) 926-7900 with any questions you have about life insurance, or visit our website to request a quote.