Life insurance is one of the most undervalued types of insurance, and many people prefer not to buy it. However, life insurance is worth it, especially if you have beloved ones who depend on you financially. There are many myths about life insurance, and here is a list of the most popular ones that should be debunked:
Myth 1: Life Insurance Is Not For Young People
Many people do not purchase life insurance until they have financial dependents, such as spouses and children. For this reason, young people believe they do not need this type of insurance at all. However, the truth is that it is better to consider life insurance once you reach adulthood because it is cheaper when you are young.
Myth 2: Life Insurance Is Too Expensive
The truth is that life insurance is one of the cheapest types of insurance, and it is very affordable. The cost of life insurance also depends on certain factors, including your age, lifestyle, profession, type of insurance (whole life insurance or temporary), and some others.
Myth 3: You Cannot Get Life Insurance If You Have Health Issues
In fact, there are some policies built specifically for people with certain health conditions, including cancer and diabetes. It is recommended to consult an insurance agent to make sure you are applying for the right life insurance policy that provides you with the right coverage.
Travers Insurance In Webster Groves, MO – Your Trustworthy Insurance Provider In Missouri
If you live in Webster Groves, MO or any other surrounding town in Missouri, and you are shopping for life insurance, you should contact Travers Insurance. Our company specializes in all types of insurance, including life insurance as well. Our insurance agents will help you find a good policy based on your personal needs, health issues, and life circumstances. Feel free to give us a call if you have any questions or want to know more about the insurance options.
The life insurance that is right for you when you are 25 is probably not the life insurance that is right when you are 45 or 65. From time to time during your life, it is important to look at the type and amount of coverage you have. At Travers Insurance in Webster Groves, MO, we have 70 years of experience that we are happy to share with our customers.
Your employment changes
You may have a life insurance policy with your employer. If you decide to move on or you get laid off, what will become of that policy? Will you be able to keep it and take it with you? If you don’t know, you are not alone. Do you really want to let your employer control any of your life insurance decisions? Employer life policies are a nice bonus, but you need to have your own insurance that you control.
You get married
When you get married, you should take a look at your life insurance and perhaps change the beneficiary. You also need to consider whether your partner needs any support from you to survive. A working spouse can probably manage on their own, but if you have a mortgage, it might be too much to support on only one salary.
You have children
Children change everything. They are a long-term investment. You need to consider how they will be supported if you are not there to provide that support. Do you want to make sure the money is there for them to attend college? How young are your children? Experts say having between 7 and 10 years of income in life insurance is the best figure, but that may not be enough or too much for you.
Contact Travers Insurance in Webster Groves, MO when you are ready to review your life insurance.
Even though life insurance is not obligatory, it is worth getting. It is advantageous and beneficial for certain categories of people. Travers Insurance, serving Webster Groves, MO, has prepared a list of those who can benefit from life insurance more than anyone else:
- Breadwinners. If there are family members who depend on you financially, life insurance is a must. It is an income replacement that will support your beloved ones financially if something happens to you.
- Single mothers. Statistically, over 40% of American children are born to unmarried mothers. If you are one of them, life insurance is a perfect way to protect your children and provide them with a safety cushion.
- Single people with no kids. You may wonder, why does a single person need life insurance? The reason is that it is better to get a life insurance policy as early as possible. The earlier you get it, the less you will have to pay for it.
- Business owners. If you are a business owner, you do not want your beloved ones to handle your business debts. It may be a significant financial burden for them. Therefore, it is better to get life insurance that will pay off your debts if necessary.
- Stay-at-home patents. Life insurance does not replace the income of stay-at-home parents, but it provides the finances that will be used for covering all the jobs a stay-at-home parent was doing.
If you belong to one of the above-mentioned categories, you should think of getting life insurance. It will provide financial security to your beloved ones and give you peace of mind. If you are looking for a trustworthy insurance agency in Webster Groves, MO, do not hesitate to contact Travers Insurance – we will do our best to answer all of your questions and help you find a policy based on your needs and budget.