Life insurance is not a simple product.
Even term life policies have many elements that must be considered carefully in order to arrive at the proper type and amount of coverage. But the technical aspects of life insurance are far less difficult for most people to deal with than trying to get a handle on how much coverage they need and why. This article will briefly examine the top 10 misconceptions surrounding life insurance and the realities that they distort.
Myth #1: I’m Single and Don’t Have Dependents, so I Don’t Need Coverage
Myth #2: My Life Insurance Coverage Needs Only Be Twice My Annual Salary
Myth #3: My Term Life Insurance Coverage at Work Is Sufficient
Myth #4: The Cost of My Premiums Will Be Deductible
Myth #5: I Absolutely MUST Have Life Insurance at Any Cost
Myth #6: I Should ALWAYS Buy Term and Invest the Difference
Myth #7: Variable Universal Life Policies Are Always Superior to Straight Universal Life Policies Over the Long Run
Myth #8: Only Breadwinners Need Life Insurance Coverage
Myth #9: I Should Always Purchase the Return-of-Premium (ROP) Rider on Any Term Policy
Myth #10: I’m Better off Investing My Money Than Buying Life Insurance of Any Kind
Read More...
Even term life policies have many elements that must be considered carefully in order to arrive at the proper type and amount of coverage. But the technical aspects of life insurance are far less difficult for most people to deal with than trying to get a handle on how much coverage they need and why. This article will briefly examine the top 10 misconceptions surrounding life insurance and the realities that they distort.
Myth #1: I’m Single and Don’t Have Dependents, so I Don’t Need Coverage
Myth #2: My Life Insurance Coverage Needs Only Be Twice My Annual Salary
Myth #3: My Term Life Insurance Coverage at Work Is Sufficient
Myth #4: The Cost of My Premiums Will Be Deductible
Myth #5: I Absolutely MUST Have Life Insurance at Any Cost
Myth #6: I Should ALWAYS Buy Term and Invest the Difference
Myth #7: Variable Universal Life Policies Are Always Superior to Straight Universal Life Policies Over the Long Run
Myth #8: Only Breadwinners Need Life Insurance Coverage
Myth #9: I Should Always Purchase the Return-of-Premium (ROP) Rider on Any Term Policy
Myth #10: I’m Better off Investing My Money Than Buying Life Insurance of Any Kind
Read More...
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