life-insurance-mythsWhen you’re looking at life insurance, you should know that there are a lot of myths floating around that can put you off purchasing a life insurance policy. By educating yourself about the untruths out there, you can dive into the market ready to find the best plan for you.

Myth #1: Life insurance is really expensive.

There are life insurance plans for every budget. Although there are plans that cost an arm-and-a-leg, there are also life insurance plans out there that offer competitive rates. You just have to do some comparison shopping to get the best value for the coverage you need.

Myth #2: I can’t negotiate on price.

There’s a common belief that life insurance has a set price and you can’t negotiate down at all. This is just not true, and a good agent knows this and can help you through the process.

Myth #3: I have health problems, so I can’t get life insurance.

If you have health problems, you might have resigned yourself to never getting life insurance. However, there are a lot of insurance companies who will still accept your application despite your health condition. There are even some carriers that cover people with high-risk health problems.

Myth #4: I get life insurance through my job, and that’s good enough.

It’s not uncommon to get life insurance through your employer. However, life insurance policies through work are based on salary, which doesn’t include bonuses and commissions. Also, when you leave your job, you might lose that life insurance and be forced to be pay more later.

Myth #5: I’m young, so I don’t need life insurance.

You are not impervious to unexpected crises just because you’re young. You might have a growing family and not as many savings for them to fall back on if something happens to you. You also can get really great rates as a young, healthy person.

Myth #6: I can get the best rates online.

The Internet is all fine and good when you’re going through the initial research process, but you aren’t actually going to find policies that cost any less. A real-life person can answer more questions and actually be more thorough than a computer.

Myth #7: My family only benefits from my life insurance if I die.

“Living benefits” are common with a lot of permanent life insurance policies. You can actually get to insurance money, tax-free, through loans if you need it for something else.

Wiley Long is founder and president of Medigap Advisors, and is passionate about helping people navigate the confusing waters of Medicare. He is the author of The Medicare Playbook: Designing Your Successful Health Coverage Strategy, a clear and simple explanation so you can make the most of your Medicare coverage.