Most people know how vital it is to secure their children’s (or even grandchildren’s) future, offer financial assistance for a child’s wedding, maximize their retirement funds, and prepare for the loss of income because of death, disease, or the breadwinner becoming disabled. Automatically, when people think about buying life insurance, they assume it’s only applicable after passing. Of course, a life insurance policy can help a spouse cover funeral expenses, pay off a mortgage, and help a child fund their college education if something unfortunate happens. However, a life insurance policy can protect you in many ways while you’re still here. Here are five myths about buying life insurance.
Myth #1: Life Insurance Only Matters When I’m Gone
Life insurance is a risk management tool, but “risks” don’t only apply to mortality. Medical and scientific advancements are helping people live longer, increasing life expectancy. Macro Trends reported that the average life expectancy in the U.S. is 79 years old as of 2023. How would you manage your expenses if you stopped working at 67 but lived much longer?
Of course, social security helps, especially with the Social Security Administration adjusting for the cost of living. Additionally, if you’re collecting a pension, that always adds some financial security. However, buying life insurance can also add financial security by offering another retirement vehicle, reducing market volatility risks if you decide to invest, and covering crippling medical costs.
Myth #2: My Company Covers Me, So Buying An Additional Policy isn’t Necessary
If you’re an employer, you should offer your employees life insurance. It’s one of many ways for you to have a competitive edge. If you’re an employee who works for a company that offers you life insurance, you should love this perk. However, your employer will only cover you if you work for that company. The policy no longer lasts once you leave or retire. It’s not a bad idea to supplement your employer-provided coverage.
Myth #3: Buying Life Insurance Isn’t Necessary for Young, Healthy, and Single People
Life insurance isn’t a product you want to buy when you’re older or sick. It’s better to buy it when you’re young and healthier because the premiums will be lower. You’ll also have high-coverage options with lower premiums. If you have outstanding student loans, a life insurance policy can help you if your parents become ill, disabled, or, unfortunately, pass.
Additionally, if you decide to have children in the future, you can look forward to securing their future. Even if you don’t plan on having kids, having your life insurance policy can make it easier for your parents to take care of your medical costs or prepare for the unexpected.
Malden Solutions Can Help You Find the Best Life Insurance Policies
Buying life insurance should be a practical decision. However, it can be challenging because most people don’t want to consider mortality. Plus, there are so many options on the market that it can be overwhelming. Therefore, it’s best to partner with an insurance broker who works for you versus a company. Our representatives will always have your best interest at heart, and we can tell you which life insurance plans will best serve your needs. It’s better to prepare for life’s uncertainties now.
Partner with Malden Solutions Today
Malden Solutions has a wealth of expertise in providing employer insurance solutions, HR solutions, and individual insurance solutions to businesses both big and small. Our team of seasoned professionals can help you navigate the rapidly-changing world of insurance with ease. We partner with businesses and individuals throughout the country to provide our dedicated services for employee benefits but also work within our surrounding communities in Maryland, Northern Virginia, and Washington, D.C. Contact us today to learn more about how we can provide effective, dynamic solutions for your business. Stay connected with us on Twitter, Facebook, and Linkedin.