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Last Updated: Jul 2nd, 2008 - 21:15:22 |
(NAPSI)-Many life insurance myths confuse consumers and lead to poor choices, according to insurance experts at a national online insurance shopping service.
The good news, however, is consumers can find the life policy that best suits their needs by doing a little homework.
Here are clarifications of some common misconceptions:
1. "It is too expensive." With a term life policy, you can pay less than $1 a day for $500,000 in 10-year life coverage. So, for less than the daily cost of a cup of coffee or a cell phone call, you can protect your family's future.
2. "I don't need it because I have it at work." Employer group life insurance may offer insufficient coverage. Most group life plans provide income protection worth one to two times your salary, but a head of household with children generally should have coverage of at least eight to 10 times income. Also, if you lose the job, you may lose your life insurance, too.
3. "I already have enough life insurance." Consumers who believe this may unknowingly erode family insurance protection. Life insurance needs change as your life changes. Review your coverage every few years. Perhaps you now earn more money, have more children or have taken on additional debt. A head of household with children generally should have life insurance protection of at least eight to 10 times income.
4. "My husband has life insurance; I'm a homemaker, and I don't need it." There's a severe financial drain to the household if something happens to a homemaker and caregiver.
5. "It takes forever to get a policy." While it's true many plans require a medical exam and may take four to eight weeks to finalize, there are "simplified" life plans available where you can get coverage instantly by signing an online application if you qualify.
6. "I cannot qualify for life insurance because of my health." Coverage is still available. There are carriers that specialize in impaired risks and those with special needs.
7. "I am too old to qualify for life insurance." There are carriers that offer "final expense" plans for individuals up to 80 years old. These plans have just a few qualifying questions and offer enough coverage to provide for a dignified burial.
Independent experts note that one of the best ways to ensure the right life insurance choice is to shop and compare plans. Answer Financial®, for instance, makes that process easy by providing free comparisons of a broad range of coverage options from a selection of top-rated companies, either online or by phone.
For more information on selecting insurance coverage, go to www.answerfinancial.com for quotes on life, auto, homeowner and health plans from top insurers.
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