Probably one of the topics that most people avoid in conversations is about life insurance. How many times have you tried to avoid dealing with an agent offering you life insurance policies? I'm probably guessing that it is a lot. Do not worry, you are not rude. A lot of other people feel the same way and also avoid insurance agents. This is because most people avoid life insurance topics because they are associated with death and a person's mortality. It is inherent for us humans to avoid topics dealing with death and therefore it is but normal to avoid life insurance conversations.
Nevertheless, life insurance is a topic that should be discussed sooner than later so that we will not regret not having one in the future. A life insurance policy is important because it will serve as the replacement income that will be lost in case of an unexpected death of a person or if that person becomes incapable of working due to an accident. Therefore, in order to make people understand more about life insurance, here are some myths about it that must be busted first.
Myth 1. Only people who have dependents need life insurance. While this holds true because the main goal of a policy is to protect a policy holder's spouse and children through the death benefits once the holder dies; the need for life insurance is not limited to this situation. An unmarried person who has a small business which employs people may purchase a policy to protect his/her employees who are financially dependent on his/her being able to manage the business. A policy may also be used by people to settle any debts or financial obligations that they might have incurred while they were still alive. There are times when death benefits may be given to elderly parents if the policy holder dies ahead of them.
Myth 2. If you already have employee life insurance, this is more than adequate to protect your dependents. According to the state laws in the US, all employers must take life insurance policies for their employees and make sure they protect them especially from any loss of life or injury that is work related. This coverage however is not enough for employers often get cheap term life insurance quotes that may not be enough to take care of all the financial needs of a family. Besides, the employer's life insurance is only effective until the person works for the company. Once he leaves the company or he is terminated, even his life insurance policy will be stopped.
Myth 3. "I am young and only need to think of insurance when I am old". This is one of the greatest misconceptions that need to be busted. It is true that life insurance is available for people of all ages. However, have you seen the cost of insurance as a person gets older? Only if you get life insurance quotes when you are young can you save money for they will be cheaper. When calculating insurability, underwriters give top priority to age and health condition. A younger person is by default healthier and expected to live longer than an older person. Hence, when you compare term life insurance quotes, you will find that it is affordable for younger people that older folks.
Myth 4. Any life insurance policy will do. There are different life insurance policies out in the market today and they differ from each other. The two main types of policies are the permanent life and the term life. Each type of policy has its own advantages and disadvantages and therefore a person must carefully consider each type of policy and decide which one will be best suited for the needs of his/her family.
Myth 5. I am busy and getting a life insurance policy will take up too much of my time. If you have a computer and Internet connection either at home or office, you can quickly bust this misconception about insurance policies. Before these technologies were made available, it is true that getting insurance was an extensive process. You had to fill many forms and wait for the underwriter to study your full medical report. After several weeks, you will get to know if you are eligible for coverage or not. These days however, you can request a life insurance online quote, complete all the formalities and receive approval and coverage within a few minutes or hours at the most.
If you want to find out more information about life insurance no medical, you should visit David Livingston's site today where he shares a lot more information on how to get the best policy to suit your needs. Visit now at http://www.equote.com.
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