2006 Edition, Vol.2
Debunking 5 Life Insurance Myths
When it comes to Life Insurance, misinformation has been known to run rampant. Separating the facts from the myths when looking to buy a term life policy will help ensure you and your family reap its many benefits. To set the record straight, we’ve cleared the air on five common life insurance myths.
Myth #1: People Under 40 Don’t Need and Can’t Afford Life Insurance.
The reason behind buying a term life insurance policy is to insure against a worst-case scenario, which can happen to anyone regardless of his or her age. And, because the chances are slim that healthy people will die at a young age, the premium rates for those under 40 are extremely affordable.
For example, a $250,000, 20-year term policy for a healthy 35-year old man can be purchased for as little as $16 a month.
Click here to compare plans and premiums for different ages and coverage amounts.
Myth #2: Only the Breadwinner of the Household Needs Life Insurance.
A stay at home spouse contributes financially much more than you may think. Childcare, housekeeping, cooking, and shuttling are just a few of the responsibilities of a stay at home parent. Studies show that a non-employed spouse contributes the equivalent of a full time job, sometimes even more. For this reason it is important that he or she buy a life insurance policy as well.
Myth #3: Insurance Can Be Cancelled If the Policyholder Gets Sick.
Rest assured, even if the status of your health should dramatically decline, your policy will remain in effect for the full amount as long as the premiums are paid. And with rates the lowest they’ve been in years there’s never been a better time to buy term life insurance.
Click here to get side-by-side quotes from top-rated life insurance companies, including First Penn and GE.
Myth #4: Those Offered Life Insurance Through Their Jobs, Don't Need Additional Coverage.
Group life insurance may offer insufficient coverage. Most group life plans provide income protection worth 1 to 2 times your salary, but a head of household with children generally should have coverage of at least 8 times their income. Also, keep in mind that your employer-paid life insurance will cease when leaving your job.
Myth #5: Buying Life Insurance is Time Consuming & Frustrating
With state-of-the-art, online technology, it has never been faster and easier to buy a life insurance policy that’s ideally suited to your needs. Just log onto www.uis-insurance.com to shop and compare dozens of quotes from top life insurance companies across the country. As a Quixtar member there is NO charge to use this service.
Now That You Know the Facts – Take Action
Ensuring your families financial security will give both you and your family peace of mind in times of crisis. Tailoring a plan to meet your specific needs can now easily be done in a matter of minutes by visiting www.uis-insurance.com.
Call toll-free 1-800-684-8111 to speak with an independent, licensed agent who will work with you to find the right coverage and the best price.