Prestizia Insurance Blog
Death is a very sensitive topic and that’s one of the reasons so many people go without life insurance. In addition to the sensitive nature of the topic, there are also many myths that make people avoid buying life insurance even if they need it. Let’s talk about these myths and clarify the common misconceptions about life insurance policies.
It’s Not Affordable
The main reason why people don’t want to buy life insurance is because they think it’s too expensive. According to a study, almost 80% of the people in the US think that a life insurance policy is not affordable. They also have this idea that life insurance is more expensive than what they really need to spend for their protection.
Based on a survey, millennials think that the cost of a life insurance policy is at least 200% more than the actual cost. When they were asked for a 20-year term life insurance policy for a 30-year-old, they estimated that they need to pay $600 annually. The real cost is $160.
It’s a Complicated Process
It’s true that there are many different varieties that you can choose from when buying life insurance. However, if you ask your insurance agent, 99% of them will suggest term life insurance—and that’s pretty simple.
Term life insurance lets you determine how much you want your coverage to be and how long you intend to pay for it. You also get to choose who gets your money in the event of your death. Do some research about the kind of coverage that you need. You can also schedule an appointment with your insurance agent to be on the safe side.
Young People Don’t Need It Yet
It’s common for young people to feel “invincible” and not think about the future when it comes to buying life insurance policies. However, it’s actually the best time for you to buy a policy when you are younger.
The reason behind this is because the younger you are, the cheaper life insurance premiums go. If you decide to buy life insurance at 30 years old, it could only cost you $12 in a month. On the other hand, a 50-year-old who decides to buy life insurance needs to pay $32 a month—that’s triple the price.
People with Health Conditions Cannot Apply
There are some insurers that have strict guidelines with people that have health issues, however, it doesn’t mean they reject their applications. Having conditions like high cholesterol and diabetes warrants higher premiums compared to healthy clients.
A trusted insurance agent can walk you through the costs of their company’s life insurance policies depending on the type of coverage that you need. At Prestizia Insurance Group, we take pride in making sure our clients are well-protected at prices they can afford. To learn more about how we can help you please contact our agency at (855) 436-6353 or Click Here to request a free quote.