5 Life Insurance Myths- Which Have You Fallen For?

September is Life Insurance Awareness Month, and the reality is most people don’t know the facts when it comes to this important piece of financial protection. What are the misconceptions and the real truths?

I’m Covered Through My Company’s Policy

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Myth: I’m covered through my company’s policy.

Fact: The problem with most employer’s life insurance is that it only covers you while you are employed at the company and is often very basic coverage that won’t provide much more than the bare minimum. The truth is most people need secondary coverage.  

I’m 22 Years Old, Healthy, and Have Years Before I Have to Worry About Illness or Death

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Image Credit: El Nariz/Shutterstock.

Myth: I’m 22 years old, healthy, and have years before I have to worry about illness or death.

Fact: You can get sick and die at any age. Life insurance is financial protection at all ages. Plus, it protects your family from taking on any debts you leave behind, like student loans, for example. It’s also generally less expensive the younger you are, so it makes sense to lock in protection at a good price.

I’m Sure I Have Enough Coverage

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Image Credit: Kitreel/Shutterstock.

Myth: I’m sure I have enough coverage.

Fact: The truth is most people don’t have enough life insurance coverage. You should aim to secure about ten times the amount of your salary. Life insurance is meant to help pay for funeral costs, contribute to mortgages, supplement your spouse’s income, pay for your child’s education, and much more.

I Won’t Qualify Because I’m Too Old or Have a Pre-Existing Medical Condition

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diego_cervo via DepositPhotos.com.

Myth: I won’t qualify because I’m too old or have a pre-existing medical condition.

Fact: You can absolutely get life insurance as you age, even if you have certain medical conditions. In fact, policies are written for people with obesity issues, high blood pressure, and even HIV. Start with your employer because although the coverage may not be significant, you may automatically qualify. After that, shop around.

I Got Life Insurance 10 Years Ago, So I’m Good To Go

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via DepositPhotos.com.

Myth: I got life insurance ten years ago, so I’m good to go.

Fact: It depends. What did your life look like ten years ago compared to now? Did you get married? Have kids? Bought a home? You should revisit your policy annually to make sure it’s up to date and can fill the financial gaps if you should pass unexpectedly.

Life Insurance Is Important

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Image Credit: Linda Moon/Shutterstock.

Tom Mathews, a Certified Financial Educator and author of the book “How Money Works,” says,  “Life insurance is so important because although you might not be able to fully protect yourself from illness or accidents, you can protect your income and your wealth. Life insurance is a defensive strategy motivated by a sense of love and responsibility. Proper protection of your income is significant because without your ability to provide for your family or your business, the stability they enjoy today could become hardship they can’t overcome tomorrow.” 

The IRS Adjusted Its Tax Income Brackets — Are You Ready?

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Image Credit: Cast Of Thousands/Shutterstock.

Have you heard that the IRS adjusted their tax brackets? The reason behind the IRS adjusting its tax income brackets for next year is tax consolidation, which aims to simplify the tax code. You might have already heard about it.

The IRS Adjusted Its Tax Income Brackets — Are You Ready?

Travelers Beware: 10 Most Dangerous Cities In The World To Avoid

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There are endless sources of inspiration for travelers nowadays, and with pandemic travel restrictions having been largely lifted, you can explore nearly every corner of the world. However, there are some places that you are better off avoiding- dangerous cities.

Travelers Beware: 10 Most Dangerous Cities in the World To Avoid

20 Legal Things That Will Probably (Hopefully) Be Illegal In The Next 20 Years

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In today’s modern world of legalities and regulations for everything, there are certain things that people are eager to see illegalized in the next two decades, despite the complex legal landscape or things people think will become illegal in America.

20 Legal Things That Will Probably (Hopefully) Be Illegal in the Next 20 Years

15 Things That Are Really A Scam But Have Been Normalized By Society

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Have you ever seen something that is so crazy and ridiculous that you are sure it’s a scam but is actually normalized by society? Do you know that society is being scammed, but everyone is just acting like it’s normal?

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10 Crazy Myths About Women Men Actually Believe

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In our society, many myths and stereotypes exist about women. Unfortunately, some men still believe in these myths, even though they have been debunked time and time again. Here are some of the crazy myths that men believe about women.

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Hi! I am a millennial mom with a passion for personal finance. I have always been “into” personal finance but got inspired to start my blog after a period of extended unemployment. That experience really changed the way I viewed my relationship with money and the importance of accessible personal finance education.