4 Common Life Insurance Policy Misconceptions

malden solutions life insurance

Learn about the myths surrounding life insurance and what the facts really are.

Life insurance is one of the most popular types of insurance policies, but many myths around it lead some people to fail to get the coverage they need to protect their families. This informative blog will break down some of the most common myths about life insurance.

Life Insurance Only Covers the Funeral and Burial

One of the biggest reasons some people do not get life insurance is that they assume it will only cover costs related to the funeral and burial. While it is true that your policy can provide funds for those things, it is a robust safety net for your family in the event that you pass away. Life insurance provides critical financial support to dependents and the rest of your family.

Life Insurance Is Only Necessary If You Have Kids

Even if you do not have any dependents, having an active life insurance policy is still a good idea. Life insurance can help cover various costs after you are no longer here, including outstanding debts or expenses associated with supporting a business you own with a business partner. Additionally, you can choose to have a life insurance policy so that your assets can be donated to a charity of your choice when you are no longer here.

Life Insurance Is Too Expensive

Many different people assume that life insurance policies are extremely expensive. While it is true that permanent life insurance can be an investment depending on when you purchase it, term life insurance policies are very affordable. In fact, it often costs less to maintain a term life insurance policy than it does to pay any of your other household bills. Your life insurance cost will also depend on your age, current health, and gender.

Life Insurance Requires a Physical

Some people do not like visiting the doctor, and the myth that life insurance requires a physical can deter them from obtaining a policy. Even if you do not want to have a physical exam performed, you are still eligible for life insurance. Depending on your situation, your life insurance company may access your current medical records or ask you to complete the questionnaire before they underwrite your policy.

Malden Solutions Can Be Your Maryland Health Insurance Broker

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.

This entry was posted on Friday, July 7th, 2023 at 11:49 am. Both comments and pings are currently closed.