Life Insurance

704.525.0866
300 South Pine Island Road Suite 213 Plantation, FL

Please feel free to contact us

Screen Shot 2016-07-04 at 8.08.02 PM

Myths about Life Insurance in Plantation FL

Life insurance is something that most people don’t think about unless they come across an advertisement for life insurance on television or they happen to think about what might happen to their family in case of their untimely death. But life insurance has been growing in popularity over the past 2 decades, namely due to an increase in people’s concern over the family and other loved ones they might leave behind after they pass on. If you are interested in life insurance, it’s worthwhile to uncover some of the most prevalent myths about life insurance—and the truth behind them. Let’s take a look at some of the most well-known myths about life insurance.

Life insurance isn’t just for “breadwinners”

Most people consider life insurance to be most essential to the person in the household who is bringing in the most money. But when you consider the ramifications of the death of any member of the household, it can result in a significant increase in household expenses. For example, if a stay at home dad passes away suddenly, the breadwinner mom may then need to hire a live-in nanny and housekeeper to fulfill the role of the stay at home parent. If the stay at home dad had life insurance, the cost of these additional expenses can be offset for some time by the life insurance payment.

It isn’t necessarily expensive

Let’s be clear: there are expensive life insurance plantation fl policies. These expensive policies are usually reserved for people with extremely high incomes, as well as people who have significant health risks that make them more of a gamble for the life insurance company. But there are also many reasonable life insurance policies which are very affordable, with the total cost only being several hundred a year. As a general rule of thumb, the higher your income and the unhealthier you are, the higher your life insurance rate would be.

You can’t be unhealthy or have health problems

This is another myth with some truth to it. There are some companies who may refuse to sell life insurance to someone who has certain health problems or unhealthy habits, such as smoking, a history of heart disease, or obesity. The reason for this is that they are considered the higher risk for dying sooner rather than later, when compared to healthy people without those problems.

However, there are companies and policies who will still offer life insurance even with these problems—with the caveat being that the policies are more expensive and may have lower coverage limits to offset the increase risk taken on by the company.