Common Misunderstandings Surrounding Life InsurancePurchasing a life insurance policy may not be on the top of your list of things to do; but maybe it should be.  Nobody likes to consider the unexpected situations that could happen that could put your family and those loved ones in a financial bind, leaving them emotionally devastated as well as financially destroyed.  If you have people that depend on you financially, you may be surprised to learn that without having a life insurance plan in place, you could be setting them up for a monetary burden should something happen to you unexpectedly.  Before purchasing this necessary protection, you need to know some common myths surrounding life insurance.

Death Doesn’t Come with a Warning Sign

Imagine being 53 years old with a family, including 3 children under the age of 12, when suddenly you die of a heart attack without warning.  You contemplated purchasing a life insurance policy, but you never thought of dying at this young age.  Without any financial planning of this sort, your family is now left with emotional devastation and serious financial consequences.  Think of life insurance as a protection plan for those you love and depend on you.  Don’t allow  common myths to distract you from purchasing this needed protection.

Know Your Facts Regarding Life Insurance

Knowing the truths of this type of protection is essential, despite the possible misconceptions swirling around.  Below are just some of the typical misconceptions involving insurance for your loved ones:

1. Life insurance is too expensive and unaffordable right now

This is definitely a common misconception when it comes to the cost of life insurance.  You may be surprised to find how affordable it truly is!  Contact your local Alabama independent insurance agent for quotes on protection TODAY.  Isn’t your family worth it?

2. Young people don’t need life insurance

In the above scenario, the head of the household never seriously thought about it due to his age; however, unexpected deaths don’t discriminate.  ANYONE that has loved ones depending on him/her financially, needs to invest in life insurance protection, regardless of age.  You may be surprised at how affordable it is for younger and healthier people.

3. My employer offers adequate life insurance protection

Many employers offer this benefit but is it really adequate for your family’s needs should something happen to you?  Before you assume the amount is enough, make a list of all your finances/assets and then document all your expenses to include mortgage, car payments, education expenses (present and anticipated future), living expenses, monthly bills, and health insurance costs, to name a few.  Is the employers’ amount sufficient to keep your family in the same lifestyle they currently maintain should something happen to you?  It is recommended you get all this documentation in place and then contact your local Alabama independent insurance agent to discuss how much is enough.

4. Short-term insurance is more affordable

So, maybe you decide that it is protection worth investing, but you want to save some money by ONLY considering a short-term plan.  Yes, this plan is more affordable, but in the grand scheme of things, it may be more costly.  Many variables come into play when deciding upon whether to go with a short-term or a long-term plan, but if you have children or plan to have them, you will want to factor in the estimated/anticipated costs of education expenses through college and this is where a long-term plan may be more beneficial in the long run.

5. Once purchased, the policy never needs to be reassessed

As your life progresses, your income may increase or decrease so it is wise to routinely assess your current life insurance plan.  Depending on many factors in your life, you may need to make changes.  Maybe your family has grown or perhaps you no longer need certain coverages so whatever the reason, you should only pay for needed coverages.  Routinely contact your local Alabama independent insurance agent to discuss your current situation and decide if any changes need to take place.  

Burkett & Associates Insurance Agency understands how important your family and loved ones are so don’t hesitate to call us TODAY at 256-704-7400 for any assistance you may need regarding ALL your life insurance needs.