The three main Life insurance myths that need to be busted

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The three main Life insurance myths that need to be busted

As the leading company when it comes to Life Insurance West Palm Beach we are always told by our clients what they think they know about life insurance. As something that most people have a little knowledge about there is always an opinion, but a little knowledge is a dangerous thing. Life insurance is far too important to only have a broad view of. Here are the three main myths about life insurance that need to be busted-

1 – Only the breadwinner needs life insurance

There is so much focus attached on the main breadwinner in a home relating to life insurance but that shouldn’t be the case. Life insurance is an important part of the financial planning of all the adults in the family. If one partner stays at home to look after the kids then their role is just as important for family life. If the worst were to happen to them then the breadwinner would have to consider-

  • How they feel about returning to work
  • Who would look after the kids
  • Who would manage the household

It isn’t enough to just have life insurance cover for the main breadwinner in a family so make sure that you are covered by speaking to us.

2 – I only need life insurance to cover the mortgage

As the number one adviser for Life Insurance West Palm Beach we know that it can be tempting to only look at your life insurance needs in terms of the mortgage. Many people have a policy that only covers them for the amount that they owe the lender. But there are many other expenses and costs that can and should be covered in the event of death.

It would be great to cover other potential expenses that will come up over time such as –

  • College fees
  • Funeral costs
  • Pay off credit card debts

And more. All of these would be difficult to manage on one income or if you had to give up work to look after the kids. Think about all of the costs that you might want to cover when deciding on an amount for your life insurance.

3 – Term life insurance is fine

Again, when thinking about your life insurance in relation to the mortgage, you might only look at a policy that covers you for the next 20 or 25 years. But the costs of living go on way after a mortgage has finished and been paid off. A permanent life insurance policy will help you to have the peace of mind that a lump sum will be paid even if you de after the mortgage has been done and dusted.

We are the first choice for Life Insurance West Palm Beach ad we are here to help. If you have any questions about life insurance then just drop us a line and we will help you to bust any yths or find the life insurance that is right for you.

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