When it comes to protecting physical assets—such as cars and houses—consumers are quick to invest in insurance solutions. But, when it comes to life insurance—coverage that pays a cash benefit upon your death—people tend to talk themselves out of getting coverage for one way or another. And most of the time, individuals avoid these plans due to myths that surround the topic. If you’re on the fence about life insurance, here are five myths about the coverage that you shouldn’t believe—and why.

5 Misconceptions About Life Insurance

1. It’s For Older Individuals

Life insurance offers many benefits to older individuals, but it’s still important to have it if you’re a young adult. Term policies, for instance, can help provide your loved ones with funds to cover expenses that are often associated with the younger stage of life—such as paying off a mortgage or paying a child’s college tuition. If you opt for a permanent whole life policy, getting covered earlier can also help you secure lower rates.

2. You Only Need It If You Have Kids

Most people first think about life insurance when they have a child, as it will help ensure that their little ones will have what they need to stay financially secure. But even if you don’t have kids, there are many reasons to consider these plans. For example, if you’re married, funds may help your spouse survive after your passing. If you’re single, the payout may also help keep your family members from being responsible for debts you owe—such as student loans.

3. You Can’t Get It If You’re Not Healthy

Some life insurance plans offer lower premiums to healthy individuals. However, having pre-existing health concerns doesn’t block you from getting coverage. In fact, there are a few plans that do not have any medical requirements.

4. Employer-Provided Coverage Is Enough

While it’s true that companies often take out life insurance policies for their employees, this coverage is usually not substantial enough to address the needs of your loved ones. In addition, this protection will only last for the term of employment.

5. It’s Too Expensive

Given how high life insurance payouts may be, people tend to think that it takes a lot to gain that coverage. In reality, these plans typically cost less per month than other forms of coverage—such as auto insurance. You can also lower your premiums by opting for a lower death benefit.

When you have questions about life insurance, turn to State Farm® Insurance Agent Craig Giovani in Mebane, NC. Representing one of the country’s leading providers, Craig Giovani and his team will help you build exceptional coverage to fit the specific needs of your life. Focused on client education, these friendly insurance agents will also guide you through the ins-and-outs of coverage—including what you can do to lower your rates and how you can optimize your benefits. To learn more about these services, visit this agency online. For a custom insurance quote, call (919) 300-5911.