If your family depends on your income, life insurance can cover expenses if you pass away. But while many people could benefit from this protection, only about 59% of Americans are estimated to have coverage. So why do people avoid investing in this type of policy? Misconceptions surrounding the process may be the reason. If you’re missing out on coverage, here are five life insurance myths you shouldn’t believe—and the truths behind them.

5 Common Life Insurance Myths  

1. It’s Not Necessary If You Don’t Have Children

Many people purchase life insurance to cover child-related costs in the event of a parent’s death—such as education, medical, and everyday childcare costs. However, this coverage can still benefit those that do not have kids. If you pass away, the payout can help provide financial support to your spouse or cover debts that your surviving family members may be responsible for—including burial and funeral costs.

2. You Don’t Need It If You’re Young

Getting covered as a younger adult can offer many advantages if you pass away unexpectedly—such as by paying for child-related expenses or covering mortgage payments for your spouse. Opting for coverage at a younger age may also help you secure lower premiums, as you’ll be in better health.

3. It’s Not Affordable

Most consumers overestimate the cost of life insurance premiums by about three times the actual amount. While some policies—such as whole life plans—carry higher premiums, most can be purchased at amounts that are less than a dollar a day. This coverage is more affordable than many other types of policies—such as home and auto insurance.

4. People in Poor Health Can’t Get Covered

Overall health and age do play a role in determining life insurance rates, as they help determine what your risk of death is. However, having medical issues won’t prevent you from getting covered. Many providers extend coverage to those with health problems for increased rates, while others may not have strict medical requirements.

5. All Employers Provide Coverage

In recent years, employer-provided life insurance has significantly dropped so that less than half provide coverage. Even if your employer does extend coverage, the amount on your policy may not match your financial risks. For this reason, you should explore policies outside of those offered by your employer.  

As an important investment in your future, you’re likely to have a lot of questions about life insurance. That’s why Charles Adams Insurance Agency provides one-on-one support to both new and existing policyholders in the Ashland, KY, area. After getting to know your needs and risks, this team will help you secure a plan that fits your budget and overall concerns. They can also connect you to many other affordable coverage options—including auto, home, and commercial insurance. For more details on these plans, visit this agency online. To request a custom quote, call (606) 325-9709.