When it comes to financial planning, most families tend to focus on making investments or putting money into a savings account. But as you prepare for the future, few investments can be more important than life insurance. Here are some misconceptions that life insurance agents just starting their career should be mindful of when helping others understand the importance of this investment.

Top 3 Life Insurance Myths

1. Employer-Provided Coverage Is Enough

Though many believe that employer-provided life insurance coverage is sufficient, these policies frequently only offer a payout of up to twice one’s annual salary. Even if you have a lucrative career, this is far below the recommended amount for replacing income to support the needs of your dependents. In fact, many experts recommend having anywhere from 5 to 12 times your income to more fully cover their needs.

2. Term Life Insurance Is Always the Better Option

While term life insurance is a viable choice for many individuals, others may be better served by a universal, or “permanent” policy. Examples include individuals who have a special needs child or who will have significant estate tax payments that need to be made after their passing. A permanent policy ensures that coverage will exist to address these financial concerns, without the worry of it ever running out.

3. Only ‘Breadwinners’ Need Life Insurance

Most families take out a life insurance policy on the breadwinner and leave it at that, but this overlooks the significant contributions made by a stay at home parent. Homemakers may forgo a career, but they typically take care of the cleaning, cooking, childcare, and more. The cost of replacing these services can be quite expensive — more than the working spouse can afford with their income if the deceased homemaker did not have a life insurance policy.

If you are looking for a rewarding career working in life insurance, consider New York Life in Chattanooga, TN. In business since 1845, this company provides a great work environment with openings for a wide range of skill sets. To learn more about their employment opportunities, visit them online or call (256) 683-6967.