Life insurance is one of the most valuable investments you can make, giving you the power to continue caring for those who matter most after you’re gone. Unfortunately, these policies are often misunderstood, and many people go without coverage because of misconceptions spread by family, friends, or TV shows. Here are some of the most common myths about life insurance you might have heard.

3 Common Life Insurance Myths Explained

1. Only the Elderly Need Life Insurance

Many people assume that life insurance is only for those in sunset years, when the opposite is actually true. Older people whose children are already grown usually have fewer financial responsibilities than young families who are just getting started. If you have young children to support and a mortgage to pay, you need more life insurance than someone approaching retirement.

2. Single People Don’t Need Life Insurance

If you don’t have anyone who relies on you for financial support, you might think you don’t need a life insurance policy. But, if something were to happen to you, will your family be able to cover the burial costs? The average funeral costs between $7,000 and $10,000, which is difficult for many families to afford. Life insurance will give your loved ones the resources to pay these expenses without going into debt.

3. An Employer’s Life Insurance Policy Is Good Enough

Many employers do offer life insurance coverage, but the benefits likely won’t be enough to support your family in the long term. Most only replace wages for one or two years, and the coverage ends as soon as you change companies. Buying your own life insurance policy is the best way to ensure your family gets the resources they need regardless of where you work.
 

Choosing a life insurance policy is a critical decision, which is why families throughout lower Alabama rely on the skilled agents at Russell Insurance Agency. They’ve been serving their communities for over 20 years, giving everyone the individualized attention these crucial matters deserve. Visit their website or call (251) 947-3607 now to request your free quote, and follow their Twitter for more insurance tips and advice.