5 Myths about Life Insurance You Need to Know

​Are you planning to get Life Insurance anytime soon? If you are, then you have probably heard of these myths about Life Insurance already. This article will see some truth behind each of these statements and dispel what is false about them.

1. You Don't Need Life Insurance If You're Single and Don't Have Dependents.
   This statement is untrue because even if you don't have dependents, you will be able to use your Life Insurance funds to pay off debts that you may have incurred throughout your lifetime because of hospitalization and medical bills.
   
   
2. The Coverage Needs to Amount to More Than Your Yearly Salary.
   The amount of Life Insurance payouts depends on every situation. There needs to be a cash flow analysis before you can get payouts so that you won't end up getting more than you should have at any given point in time. There are medical bills and funeral expenses to consider when trying to apply for Life Insurance, be careful about your finances when you present to the agency.
   
   
3. Life Insurance  Can Pay For Medicare Advantage Plans
   Yes and no. You can choose to withdraw the cash early and use it to pay for your other insurance plans. However, this depends on the type of Life Insurance plan that you decide to get. If you have the term Life Insurance or a flexible one, the withdrawals will depend on the amount of time stipulated.
   
   
4. Without Life Insurance, You Can't Pay Off Your Debts.
   This is not necessarily true. It is an option that can help you pay your debts even after you have passed away. However, it is not the end-all and be-all of the debt payment. It is just another source of income that your family can use after you have passed away.
   
   
5. Life Insurance Is Expensive
   Yes and no. The amount of premium for Life Insurance depends on the kind of policy you get. If you pay for term Life Insurance, you will be able to get smaller premium plans that you would have to pay off monthly. You can also produce large amounts of money if you choose to pay for lifetime insurance. This way, your beneficiaries will receive a huge lump sum payment after your death.

The Conclusion
With all these myths, it is understandable why some people choose not to get Life Insurance. However, it will certainly help your family get by when you pass on. If you want to protect your family from financial hardships, you should try to get Life Insurance now before it's too late.

At Medicare Supplement Store, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays, and we're here to help you out. Learn more about our products and services by calling our agency at (732) 252-8828. You can also request a free quote by CLICKING HERE.