Charlene Pacot

Life insurance — do you really need it or not? 🤔Let's take a look at some of common myths about life insurance and the facts to help you learn the truth about this coverage.

Myth # 1 - Not for Non-breadwinners. Fact: Even single people need at least enough life insurance to cover the costs of personal debts and medical and funeral bills. If you are uninsured, you may leave a legacy of unpaid expenses for your family to deal with.

Myth #2 - Too early to think about! Fact: Getting life insurance when you’re young and healthy means you can secure a lower rate on your premium than you may be able to later in life since coverage typically becomes more expensive as you age.

Myth #3 - Not needed (Because I have comfortable amount of savings). Fact: While your savings may last through your retirement, have you thought about final expenses? If you don’t have enough money saved, it is possible your loved one won’t be able to pay off final expenses.

Myth #4 - Expensive. Fact: Life insurance can be very affordable for many people, depending on the coverage you’re looking for. You can start with a policy that fits your budget, and you may be able to purchase additional coverage later on.