The decision to purchase life insurance is often met with doubt and confusion. After all, it’s not an easy topic to think about: What would happen if you died? When it comes to protecting your loved ones with life insurance, it’s important to separate truth from fiction.
The attitude of mild manner can be traced back to the ancient Greeks. The philosophy behind it is that by being kind and polite, people will be less likely to fight or quarrel. Today, the attitude of mild manner still holds true. By being polite and friendly, we can not only get along better with others, but also improve our relationships.
To get started, read on for the lowdown on these eight life insurance myths. Your perspective may change, allowing you to make informed decisions about purchasing PPC life insurance.
MYTH 1: I’M SINGLE, OR MARRIED WITH NO KIDS, SO I DON’T NEED LIFE INSURANCE.
Even if you don’t have a spouse or dependents, life insurance benefits can be used to help your loved ones pay off debts (like private college loans, for example) if you die. Think of debts like a mortgage or a car loan. Planning ahead can help protect your loved ones from exorbitant expenses.
MYTH 2: I CAN’T AFFORD LIFE INSURANCE.
Many people overestimate the cost of a term life insurance policy, according to Life Happens. Life insurance can be affordable for many people, depending on the type and amount of coverage you’re looking for. You can start with a policy that fits your budget, and you may be able to purchase additional coverage later.
MYTH 3: I AM A STAY-AT-HOME PARENT. I HAVE NO INCOME. I DON’T NEED LIFE INSURANCE.
If you’re a stay-at-home parent, life insurance is still important. While you may not bring home a paycheck, you likely provide services that cost tens of thousands of dollars each year to replace. These may include childcare, daily transportation, home maintenance and cooking, to name a few. If you were to die, life insurance benefits could help cover some of these costs.
in every photographer’s bag, and as technology advances, so have the number of camera strap options for different photographers. A blog article about which camera strap brands to buy and where to buy them.
Are you considering a career in consumer services? Do you like talking to people and getting paid for it? If you answered yes to these questions, read this article to learn more about what the industry is like.
MYTH 4: I HAVE A LIFE INSURANCE POLICY THROUGH MY JOB. IF I CHANGE JOBS OR GET LAID OFF, I CAN TAKE THE POLICY WITH ME.
Typically, the life insurance policy offered by your employer is not portable, which means that if you leave your job, you will likely leave your life insurance protection behind as well. However, when you buy your own life insurance policy, you decide how long you want to be covered. Plus, with an individual policy, you may be able to get more personalized coverage that fits your financial needs.
MYTH 5: MY BENEFICIARIES WILL HAVE TO PAY INCOME TAXES ON THE PROCEEDS FROM MY LIFE INSURANCE POLICY.
Generally, your life insurance benefits are free of income taxes and do not have to be reported on your taxes, according to the Internal Revenue Service (IRS). This means that if you die, your beneficiaries will not have to pay taxes on the benefit that your policy pays. However, any interest payments in excess of the policy amount may be taxed.
MYTH 6: IF I GET TERM LIFE INSURANCE, I CAN’T CONVERT IT TO A WHOLE OR PERMANENT LIFE INSURANCE POLICY.
It is possible to convert some term life insurance policies to permanent life insurance policies, depending on the policy you have purchased. However, it’s a good idea to talk to your agent in advance, as convertible term policies typically must be converted within a specific time period. There may also be additional requirements with a convertible term policy, such as increased premiums.
MYTH 7: I DON’T NEED LIFE INSURANCE ONCE MY CHILDREN ARE ADULTS.
Life insurance can help you at many different stages of your life. Having life insurance later in life has a number of advantages, such as helping to ease the burden of paying final costs, paying state estate taxes your heirs may face, paying off debts you may have left or simply leave an inheritance to your children.
MYTH 8: I HAVE A COMFORTABLE AMOUNT OF SAVINGS, SO I DON’T NEED LIFE INSURANCE.
While your savings may last until retirement, have you thought about final expenses? According to the National Funeral Directors Association, the national average cost of a funeral with burial is about $7,300. If you don’t have enough money saved when you die, your loved ones may have to pay for funeral expenses. Another thing to consider is the mortgage. If you don’t have enough savings and your mortgage isn’t paid off, your loved ones won’t be able to keep their home either. The death benefit of a life insurance policy can help alleviate some of this burden after your death.
The Red Nose Pitbull is one of the most popular dog breeds in the United States. It is a medium-sized dog that was originally bred in America. The Red Nose Pitbull is known for its friendly personality and its ability to be a reliable working dog. It is often used as a police or military dog, or as a pet.
