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Life Insurance Myths

<img src="myths.jpg" alt="myths" width="150" height="100">

How many of these Life Insurance facts are you aware of?

As Life Insurance is complex, advice and coverage will vary from person to person. Don’t let misinterpretation cause you to choose the wrong coverage.

Many elements must be considered carefully, in order to reach the proper type and amount of coverage. But the technical aspects of life insurance are far less difficult for most people to deal with than trying to get a handle on how much coverage they need and why.

8 fallacies regarding life insurance realities

1. A single person without dependents, doesn’t need coverage. Every person should have at least enough life insurance to cover personal debts, medical and funeral bills. Don’t leave unpaid expenses for your family to deal with.

2. Life insurance coverage needs to be twice my annual salary. There are many factors or your specific situation to consider such as medical and funeral bills, outstanding debt on a mortgage, provision for your family for several years.

3. My employer sponsored term life insurance coverage is sufficient. It might be, but if you have dependents, or will need to pay estate taxes, additional coverage may be needed.

4. Premiums are tax-deductible. For the working individual that is untrue. It is only true for business owners using coverage as asset protection.

5. Life insurance is a must for everyone. Most people need insurance. However, people with sizable assets and no debt or dependents it is not. If you have medical and funeral expenses covered, life insurance coverage optional.

6. It is better to buy term coverage and invest the difference. Not essentially. There are specific differences between term and permanent insurance. The cost of term life coverage can become too high to afford as you get older.

7. Only breadwinners need life insurance. Garbage! Replacing the services of a deceased home-maker will be high.

8. It is smarter to invest my money than buying life insurance. More Garbage! You need life coverage until the value of your assets exceeds your debt. Even then you need to think of your dependants and what they’ll have if you die without coverage.

Don’t ignore life insurance unless you have enough assets to cover expenses after you’re gone.

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This article was posted on http://www.free-quote-for-car-insurance.com  and is reposted with permission.

Ref.: www.investopedia.com/