Top 6 Myths About Life Insurance Debunked

Ross Quade | General | 10 Feb, 2016 | No Comments

Premiums, rate classes, coverage, let’s face it, shopping for life insurance coverage can be intimidating.


After all, unless you’re an insurance expert, you probably have numerous questions on your mind. From the type of coverage, you should invest to the amount of coverage you should invest in, needless to say, when it comes to life insurance policies, there’s a lot to consider.


However, it’s important to remember that while you may have a plethora of options and information before you, that doesn’t necessarily mean that it is the correct information. In fact, there’s countless myths and misinformation regarding term life insurance.


Which is why we decided it was time to debunk the top 6 myths about life insurance.


1.) I’m single so I don’t need coverage

If there is one myth that is pervasive when it comes to term life insurance, it’s that singles don’t need coverage. The reality? This couldn’t be further from the truth. While singles may not need as much coverage as couples or those with a growing family, that doesn’t mean staying insurance free is the best idea either. After all, singles may not have a spouse to care for, but they certainly may have others who depend on them financially. From dependents to aging parents, singles have plenty of reasons to consider life insurance coverage.


2.) My coverage through my employer is always sufficient

Another myth that has somehow withstood the test of time when it comes to life insurance, the idea that employer-provided coverage is sufficient. Sure, many employers do provide some coverage, but more often than not, this coverage ends up being minimal at best. In fact, for many individuals and families, employer-provided coverage is nowhere near sufficient. Before writing off additional life insurance completely, be sure to thoroughly review your coverage through your employer.


SEE ALSO: If I Already Have Term Life Insurance Through My Employer Does It Make Sense To Buy More?


3.) I have to be in perfect health to qualify for affordable coverage

You’re not in perfect health, so you’ll end up paying a fortune just for basic coverage right? Well, not exactly. While being in great shape can help you qualify for some of the lowest rate classes possible, you don’t have to be in perfect health to find affordable coverage. In fact, finding the coverage you need is easier than ever with online quote comparison services like With numerous policies and providers to select from, finding the best coverage to fit your needs is possible.


4.) I should wait until I’m older to secure a policy

It’s only logical to put off getting term life insurance coverage until you really need it right? After all, why invest in a policy early on, especially if you’re in perfectly good health? While it might seem counterintuitive, it is far better to invest in coverage sooner rather than later. Well, at least if you want to lock in the lowest rates that is. Insurers like to see that you are in good health and good shape, securing coverage early on can ensure that your able to capitalize on this while you still can. With younger individuals qualifying for some of the lowest rates available, it can pay off to begin investing in a policy.


5.) I’m stuck with the same premiums for life

Once insurers have determined your qualifying rate classes, you’re stuck in that class for life right? Thankfully no. For example, if you are a smoker when you first apply for coverage, you will be paying a higher premium than if you were a nonsmoker. However, if you were to stop smoking for at least 12 months, you could reapply and qualify for rates as a nonsmoker. While every life insurance company may approach this issue differently, it’s important to keep in mind that if you make positive changes to your health, you’re not necessarily stuck with the same premiums for life.


SEE ALSO: 5 Healthy Habits That Can Help You Save On Life Insurance


6.) It only makes sense to buy coverage if you have a disposable income

If there’s one myth that has seemed to stick around time and time again, it’s the idea that you must have a large disposable income to invest in life insurance. However, the reality is that this could not be further from the truth. While a life insurance policy can be used an investment tool, that doesn’t mean you need to have endless checks in the bank either. In fact, there are countless affordable term life insurance policies. After all, life insurance is really there to protect the ones you love most, whether you make a modest sum or impressive sum, there’s no one size fits all when it comes to life insurance.



While life insurance can seem overwhelming initially, rest assured that it’s easier than ever to secure coverage. If you’re ready to begin searching for the perfect policy, go ahead and scroll to the top of the page and enter your zip code to get started. Or, if you still have questions about term life insurance, leave a question in the comments below.


To Link To This Page