Life insurance is a crucial financial tool that offers peace of mind and financial protection. However, myths and misunderstandings frequently deter people from getting the life insurance coverage they need.
We’re sharing some of the top myths and misconceptions about life insurance and the associated truths so you can make an informed decision about what’s right for you.
Reality: Digital platforms have made it easier and more accessible than ever to get the right life insurance policy for your needs. One great option is Quility Level Term life insurance that you can apply for in 10 minutes or less on Quility.com. The process is 100% online and you receive an instant decision, so you know right away where you stand.
Reality: Most people think about getting life insurance during periods of significant life transitions, like getting married, buying a home or having a child. While these are important times to review your life insurance needs and update policies, you shouldn’t wait until a big life change to get life insurance.
You never know what the future holds, so getting life insurance now provides important peace of mind (and your policy is most affordable when you apply early in life).
Reality: Life insurance is more affordable than you think! For example, Quility provides affordable coverage starting at $18 a month, meaning there are options to fit nearly anyone’s budget.
You can choose a term life insurance plan from between $100,000 to $1 million in coverage and select 10-, 15-, 20- or 30-year terms, meaning there are ample ways to customize coverage.
Reality: Although life insurance is commonly associated with providing financial support to dependents, most commonly children, it can serve other purposes, too. It can help cover funeral expenses, pay outstanding debts like co-signed student loans or mortgages, leave a legacy to a friend or sibling, or even be designated to support charitable causes.
Quility Level Term life insurance includes a free add-on charity rider that designates a donation to a charity of your choice at no extra cost to you.
Reality: Some life insurance policies provide living benefits; you just need to research which ones. When you purchase permanent life insurance — such as universal or whole life — you get guaranteed coverage that does not expire.
Many of these policies include a cash value component that grows tax-deferred over the years. This can be used to fund your children’s education and supplement retirement income.
Reality: Many employers offer life insurance as part of their benefits package, but it is hardly ever enough coverage to fully protect you and your loved ones in the event of the unexpected. Additionally, if you change jobs or lose employment, you can’t take the coverage with you.
Having an individual life insurance policy ensures that you have coverage tailored to your needs, regardless of your employment situation.
Reality: While life insurance is crucial for the person who provides the primary financial support for a household, it is also important to consider the financial contributions of the stay-at-home spouse.
Life insurance is a simple and affordable way to ensure you have financial protection throughout your life. Get a free quote and apply online in just a few minutes through our simple application.
And if you’re interested in updating your current coverage, one of our licensed experts can assist you via chat, call or virtual appointment when you fill out this simple form. It’s that easy!