The Myths of Life Insurance

Over the last few decades, an alarming trend has emerged in America — by percentage, less Americans are signing up for life insurance. Approximately 40 percent of Americans now have life insurance. And, just as disturbing, the widowed spouses of individuals who passed away between the ages of 30 and 55 years revealed through a recent poll that only one-quarter of those individuals actually had adequate life insurance coverage.

While there are a number of reasons for these trends, one thing is clear — there are a number of myths floating around which may be influencing these numbers. Following, we will address some of them.

  • Fact:  If you lose your job, you lose your life insurance policy coverage as well. (Some states have implemented provisions preventing this; however, in most cases, coverage ceases upon termination.)
  • Myth:  Life insurance coverage offered through your employer is generally enough coverage. (In most instances, those with employer-offered policies have the least amount of coverage and those employees often need supplemental coverage).
  • Myth:  If you do not have children, you do not need life insurance. (If you support a partner or your parents, or if you are partly responsible for a mortgage payment, life insurance is recommended).

To have a no-obligation assessment of your or your family’s coverage needs, contact Warrior Insurance today; their experienced professionals will be happy to offer honest recommendations based on your current needs.

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