Are you unsure about life insurance? You aren’t the only one. A lot of Americans don’t get life insurance at all because of common myths about it. The issue is that those myths can cause big money problems, especially if something unexpected happens to your family.
No matter if you’re in your 30s, 50s, or already retired, clearing up the wrong information can help you protect the people who depend on you without spending too much or settling for the wrong plan.
7 Life Insurance Myths That Will Cost You
1. Life Insurance Costs Too Much
This is a very common myth about life insurance. What is the truth? A lot of people think the price is three times higher than it is. A healthy 35-year-old can often get term life insurance for less than $30 a month. And you can lock in rates for 10, 20, or even 30 years.
2. I Don’t Need It Because I’m Young and Healthy
When you’re young and healthy is the best time to get life insurance. Why? Because the rates are lower and it’s easier to get approved. You might have fewer choices or have to pay a lot more if you wait until later in life or until you get sick.
3. I’m Good Because My Job Covers Me
It’s nice to get group life insurance through your job, but it’s not always enough. Most workplace policies only pay out 1–2 times your yearly salary. That might not be enough to pay off a mortgage, replace your income, or pay for your kids’ future. Also, the policy usually ends if you leave the job.
4. Life Insurance Is Only Necessary for the Breadwinner
Stay-at-home parents and people who work part-time are very important. If something happens, life insurance can help pay for child care, housework, school, and more. Usually, both spouses need some kind of coverage, no matter how much money they make.
5. It Only Helps If You Die
You can use some life insurance policies’ cash value while you’re still alive. You might be able to borrow or take money out of permanent or whole life insurance for emergencies, school, or retirement. It’s not just a death benefit; it can also be a way to make money while you’re alive.
6. I Can’t Get In Because of My Health
You probably still have choices, even if you are sick. There are life insurance policies that don’t require a medical exam, simplified issue coverage, and plans made just for older people or people who already have health problems. An agent with experience can help you make sense of your options.
7. It’s Hard to Set Up Life Insurance and It’s Complicated
Another common myth. In fact, it can take less than 15 minutes to apply for life insurance. You can now get many policies online right away. We help you every step of the way when you work with ICT Insurance Group, and we compare the best carriers to get you the best rate.
The Real Story About Life Insurance
Knowing these common misconceptions about life insurance can help you make better choices for your family that are also less expensive. There is a plan that will help you reach your goals, whether you need short-term coverage or a long-term financial plan.
Don’t let fear, confusion, or wrong information stop you from protecting what’s most important. People often think that coverage is more expensive and harder to get than it really is. Knowing you have a safety net will give you peace of mind.
Speak With a Life Insurance Professional Right Now
We help people and families in Kansas and more than 28 other states find the right life insurance for them at ICT Insurance Group. We can help you understand the options and the fine print, whether you want term life insurance, permanent coverage, or a mix of both.
Are you ready to stop guessing and start protecting?
Call (316) 440‑6111 to talk to a licensed advisor or set up your free quote today.
Common Questions About Life Insurance Myths
Do I Really Need Life Insurance If I’m Single or Don’t Have Kids?
Yes, it can help pay for a funeral, pay off debts, or leave money to loved ones. Some people also use it to help their elderly parents or save money for later in life.
Can I Change My Life Insurance Later If I Need More Coverage?
Of course. You can change your coverage, switch from term to permanent, or add riders to many policies. It’s normal to look over your plan again after big changes in your life, like getting married, having kids, or buying a house.
What Is the Difference Between Whole Life Insurance and Term Life Insurance?
Term life insurance is cheaper than whole life insurance and only covers you for a set amount of time, like 20 years. Whole life insurance covers you for the rest of your life and builds cash value. Your financial goals and budget will help you choose the best option.
