August is here, and while I have left a child in college, it seems everyone wants to talk about this month will back to school. In that spirit, here's a quick life insurance education 101. In addition, below, I dispel some myths and confirm some facts about humanity produces the largest ever invented (which is right what else you can replace your income for pennies on the dollar and protect your family? the wheel was a pretty valuable invention, so I listen to an argument for that).
Group Life Insurance by your employer is sufficient
Fiction. while rates are low, the coverage you receive through labor is rarely enough. Most companies do not provide enough to take care of your family in case of your death. In addition, coverage is not portable, which means he's gone if you no longer work for that organization. Check with your employer about how much coverage you have, and you'll soon realize how much you need more.
You only need life insurance if you are married with children
Fiction. If you have someone depending on you financially, you need life insurance. In other words, if you died tomorrow, would anyone close to you be affected by the loss of your income? A customized life insurance solution is available for any time of life you are single, married, retired, married with children, stay at home mother, etc.
If you are a beneficiary and a death claim is filed, the money you receive is tax-free
Fact. In almost all situations, the money from the death benefit you collect is free from federal income tax.
Always take a medical examination if you want life insurance
Fiction. while you have to spend a term traditionally subscribed for review and permanent policies, there is coverage, you can get without having to undergo a medical examination. final expense whole life insurance is often available through a simplified process, and in some cases, with guaranteed approval regardless of health factors. Term and universal life insurance also comes in the form of simplified issue policies, offering $ 250,000 in protection quickly, without an examination.
Life insurance is too expensive
Fiction! This is where people get really hurt. Life insurance is one of the few products that is significantly less expensive now than 20 years ago (it is quite difficult to find with others - cars cost more, electronics and the technology cost more, homes and properties are more expensive). But the statistics really tell the story; a recent LIMRA / Life Happens study showed that consumers overestimate the cost of life insurance by nearly three times. This means you probably think life insurance costs WAY MORE DONE IT! This belongs to the Fiction section!
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