5 Myths About Life Insurance

If you have misconceptions about life insurance, it’s time to learn the facts so you can make smart choices that benefit your future. At Fida Insurance Group in Monroe, CT, we can help you discern truth from fiction concerning life insurance coverage so you can get the protection you need.

Myth: Life Insurance is Terribly Expensive

Life insurance costs vary according to policy type and coverage. By reviewing various types of policies, you’re bound to find an affordable option to suit your needs.

Myth: Young, Healthy Adults Don’t Need Life Insurance

As a young adult, you may have loved ones such as aging parents who count on you for support. Life insurance can provide financial security for them if you were to unexpectedly pass on. Some policies, such as whole life insurance, accumulate cash value which you can borrow from to purchase a home or pay for college. By buying life coverage when you’re young, you can lock in a policy at a very reasonable price.

Myth: Life Insurance is Only for Families

Life insurance can benefit singles as well as families. Life insurance benefits can help pay off your debts or provide ongoing financial support for a business partner to keep the business going if you were to suddenly pass on. Policy benefits can even cover your funeral expenses so family or friends aren’t burdened with this cost.

Myth: Stay at Home Parents Don’t Need Life Coverage

Stay at home parents provide valuable support for their families that would be extremely costly to replace upon their sudden demise. Benefits from a life policy can help cover the cost of childcare, home care, meal prep services, etc. so your spouse can continue working to support your family.

Myth: Beneficiaries Pay Taxes on Life Insurance Benefits

In general, life insurance benefits are tax-free, so beneficiaries can benefit from all they have to offer.

For more information about life insurance options and costs, contact us at Fida Insurance Group in Monroe, CT.