Don’t believe these popular misconceptions.
When you become a new parent, you are so busy and overwhelmed that securing life insurance doesn’t even cross your mind. To make matters worse, there are many popular misconceptions that make young parents even less likely to get coverage. However, it’s important to understand that putting off life insurance puts your family’s financial future at risk. Believing in these life insurance myths can hurt your family.
- Life Insurance is Too Expensive
According to a recent study, most adults believe that life insurance is three times more expensive than it is in actuality. This means that there’s a good chance that life insurance is cheaper than you ever imagined. By securing a policy while you are young and healthy, you can lock in cheap rates and ensure that your family gets the protection that they need.
- Life Insurance is Only for Breadwinners
Because life insurance is designed to make up for lost income, many parents assume that only the family’s main breadwinner needs a policy. However, it’s important to consider all the value that stay-at-home parents provide. Not only do they handle childcare, but they are usually responsible for managing and caring for the household. If this parent were to pass away, then the remaining parent would have to pay for all these services. To ensure that these costs do not come out of their partner’s pockets, stay-at-home parents should always secure a comprehensive life insurance policy.
- Life Insurance Can Wait
Many people associate life insurance with older, more established families. However, waiting to secure life insurance will end up costing you. Life insurance providers offer the best rates to people who are young and healthy. The older you get, the more likely you are to develop serious health concerns. If you try to secure life insurance with preexisting conditions, then the cost of your coverage will be much higher. So, if you want to lock in the cheapest life insurance rates possible, you should start shopping for a policy asap.
Don’t let these myths stop you from securing the life insurance protection that your loved ones need. Do you have more questions about your life insurance coverage? If so, then contact the experts at Udell Family Insurance. We are ready to assist you with all your personal insurance needs today.