5 Common Misconceptions About Life Insurance

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There are many preconceived notions about getting life insurance: Whether it’s the cost or the process of getting a policy, it’s something that many of us delay or avoid entirely.

There’s no need to be afraid of talking about life insurance or getting a policy – with Quility, you can get covered entirely online – no scary needles or medical exams required!  

Don’t let misconceptions about getting life insurance haunt you; We’re dispelling a few spooky myths to help you get on track to finding your perfect policy.  

Myth #1: Your employer-sponsored coverage is enough

While getting life insurance through work is a great perk, what happens if you change jobs, get laid off, or your employer goes out of business? Most employers only offer life insurance coverage to the equivalent of one- or two-year’s salary – would this be enough to support your loved ones or financial dependents if you were no longer able to pay the family bills?  

A personal life insurance policy can be customized to provide the full amount of financial protection your family needs. Even more, most people can get a lower monthly premium price (and more coverage) through individual coverage instead of employer-sponsored policies. This also allows you to have full control of your policy if you want to make changes to your coverage or switch employers.  

Myth #2: Life insurance is too expensive

In a recent survey from LIMRA, half of Millennials estimated the yearly cost for a $250,000 level-term life insurance policy for a healthy 30-year-old to be $1,000 or more. In reality, this policy would only cost around $160 per year. That’s less than $14 a month! 

When you’re young and in good health, you can get the most affordable rates – and your policy provides financial protection for as long as you need.  

Myth #3: Your medical condition would disqualify you from being approved

In the past, getting life insurance meant you would have to meet with an agent, go to your doctor for a blood test and urine test and then hope to qualify for the policy you want. Now, you can get a policy entirely online without a medical exam, and many insurance companies offer plans for those with pre-existing conditions.

If you’re living with a health condition such as diabetes, there are plans for you – our licensed agents have access to more than 80 insurance companies to help you get approved for the coverage you need.

Myth #4: You’re too young to need life insurance
The reality is that buying life insurance when you’re young is the best time to get a low premium. As you get older, life insurance premiums increase–so does the likelihood of developing a health problem that will raise your premiums even more.
Myth #5: It’s too complicated to pick the best policy

Life insurance generally falls into two categories: term life insurance and permanent life insurance. With term life insurance, you are essentially “renting” your policy for 10-30 years, while permanent life insurance coverage lasts a lifetime. 

Term life insurance is the most affordable type of life insurance for most individuals – since your policy expires after 10-30 years, the insurance company can offer lower monthly/annual costs. Term life offers premiums that can be as low as $20 a month, and that rate stays fixed throughout the life of the policy.

Permanent life insurance is more expensive than a term life policy, but your coverage will not expire, so your beneficiary will receive financial support when you pass away.

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Learn more about the differences between term and permanent life insurance in our article.
Get life insurance online with Quility

Have no fear, these insurance myths are as real as bigfoot (or Sasquatch, if you prefer). You can qualify for life insurance entirely online – no trips to the doctor are needed!

And if you need someone to dispel any other myths around life insurance, our licensed agents are here to help – via chat, phone call or virtual appointment, and they will help you find your perfect policy.

If you’re ready to get a policy in place today, our online application for term life insurance takes less than 10 minutes. Let’s get started! 

Let’s Get Started

If you are ready to get coverage now, our online application takes less than ten minutes.

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Calie Brummer
Head of Digital Communications
Calie Brummer is a staff writer and Head of Digital Communications at Quility Insurance with a focus on financial well-being and life insurance solutions.