9 Life Insurance Myths: Get The Facts And Protect What Matters Most
Let us help you banish 9 myths about life insurance and give you facts that may change your perspective and give you information for protecting your loved ones.Myth 1: I'm single, or married with no children, so I don't need life insurance.
Myth 2: I can't afford life insurance.
Myth 3: I'm a stay-at-home parent. I draw no income. I don't need life insurance.
Myth 4: I have a life insurance policy through my job. If I take another job or get laid off, I can take the policy with me.
Myth 5: My beneficiaries will have to pay income taxes on the proceeds from my life insurance policy.
Myth 6: If I travel out of the country and something happens to me, I am not covered.
Myth 7: If I get a term life insurance policy, I can't convert it to permanent or whole life insurance policies.
Myth 8: I don't need life insurance once my children are adults.
Myth 9: I have a comfortable savings, so I don't need life insurance.
Myth 1: I'm single, or married with no children, so I don't need life insurance.Fact: Life insurance can help you cover your debts as well as help you provide for your loved ones in the event of death, even for those without children.
If you are in this group, you may carry debts that you prefer were taken care of rather than taken out of assets left to your loved ones. Still, others may use life insurance proceeds to help nieces, nephews, cousins or siblings achieve their financial goals. For a modest premium, life insurance can help to provide for those who are left behind. How much life insurance do you need? Use this calculator to find out.
We're here to help you figure things out. Find an Allstate financial professional.
Myth 2: I can't afford life insurance.Fact: Term life insurance, which is life insurance purchased for a period of time, is very affordable for many people. For example, if you are a healthy, non-smoking, 35-year-old female who has a good family health history, you may be able to purchase a policy for less than an evening at the movie theater per month. Get a term life insurance quote now.
We're here to help you figure things out. Find an Allstate financial professional.
Myth 3: I'm a stay-at-home parent. I draw no income. I don't need life insurance.Fact: If you're a stay-at-home parent, you may not provide an actual paycheck for the household, but you do provide services that would cost tens of thousands of dollars to replace. These include: the cost of day care, a chauffeur or taxi service, a cook and a home cleaning service to name a few. If you have an individual life insurance policy, this may help to ease the burden for the loved ones if you should pass away.
Use this calculator to help you determine how much life insurance coverage you may need to cover the spouse that stays home. Get a term life insurance quote now.
We're here to help you figure things out. Find an Allstate financial professional.
Myth 4: I have a life insurance policy through my job. If I take another job or get laid off, I can take the policy with me.Fact: Typically, your group life insurance purchased through an employer isn't portable - meaning if you leave your job, you're probably also leaving your life insurance protection behind. However, if you own an individual life insurance policy purchased through an insurance agent or a financial professional, leaving your job will have no effect on your coverage. Get a term life insurance quote now. If you need help figuring things out we're here to help. Find an Allstate financial professional.
Myth 5: My beneficiaries will have to pay income taxes on the proceeds from my life insurance policy.Fact: Your life insurance death benefits are generally income tax-free; yet very few people know this. Speak with an Allstate Financial professional to help you sort through the details. We're here to help you figure things out. Find an Allstate financial professional.
Myth 6: If I travel out of the country and something happens to me, I am not covered.Fact: In the unlikely event you pass away while in a foreign country, the policy would most likely pay out to the beneficiaries. However, many life insurance policies exclude certain countries, such as those currently on the U.S. Department of State's Current Travel Warnings List; so it's important to review your life insurance policy prior to leaving the country. We can help you sort through the details.Find an Allstate financial professional.
Myth 7: If I get a term life insurance policy, I can't convert it to permanent or whole life insurance policies.Fact: It is possible to convert a term life insurance policy into a permanent policy, depending on the policy purchased. However, individuals seeking to do so should expect an increase in premium. In addition, the conversion may have certain limitations or require renewals. Many people like to purchase term insurance, which tends to be less expensive, while they're younger because it may make obtaining a preferred premium easier when they attempt to convert later.
We're here to help you figure things out. Find an Allstate financial professional.
Myth 8: I don't need life insurance once my children are adults.Fact: Life insurance can help achieve a goal of leaving an inheritance to children, other loved ones, or help relieve the burden of paying for final costs such as a funeral or final medical bills.
We're here to help you figure things out. Find an Allstate financial professional.
Myth 9: I have a comfortable savings, so I don't need life insurance.Fact: It is easy to underestimate the amount of savings that is required in the event of death. Most Americans do not have enough in their personal savings to cover these expenses. If you don't have enough saved, it is possible your loved ones won't be able to pay off final expenses or be able to hold onto assets like a home. Use this calculator to determine how much life insurance you may need. Visit our life insurance page to sort out the basics.
We're here to help you figure things out. Find an Allstate financial professional.
Over 50's Life Insurance from just Ł6 a month and Attractive Welcome Gifts Click Here.
The UK Shopping Index for online home shopping, easy access to many of the best online shopping websites for UK consumers.
Article Source: ArticlesBase.com
