Term life insurance has many advantages. But understanding term life insurance and its benefits means sifting through the myths surrounding it; and there are many myths about life insurance. These life insurance myths and misconceptions can result in too little coverage causing financial hardship for families suffering the loss of a loved one.
To avoid this from happening to you, we’ve taken a look at the most common misconceptions about life insurance to set the record straight–helping you to make the right life insurance choice for you and your family.
Myth #1: I don’t work outside the home so I don’t need life insurance.
False! Just because there’s no paycheck to replace, doesn’t mean life insurance is unnecessary. A life insurance policy that provides coverage for a stay-at-home parent isnt so much about the money they bring in to the household, but instead about the money they keep in the household.
In fact, have you ever considered how much it would cost to pay for childcare and housekeeping in the absence of a stay-at-home parent? Dont underestimate how much this would require, child care is expensive and...
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