Many people procrastinate when it comes to buying life insurance. After all, it isn’t the most interesting purchase and it isn’t usually one that people like to face. Every person’s situation is unique, however, so making the choice from an informed position is critical. If something should happen to you and you don’t have life insurance, you won’t get the opportunity to remedy the situation.
Top 5 Life Insurance Myths
Of all the insurance types, life insurance is one of the most misunderstood products. Take a look at these myths and see if they resonate with your perception of life insurance:
- I’m too young to need life insurance
- I’m too old to qualify for life insurance
- I can get a better deal on life insurance if I buy it online
- My health disqualifies me from getting life insurance
- Life insurance is really expensive
- I don’t have kids so I don’t need life insurance
Most people at one time or another have heard these common – and dangerous – myths about life insurance. Essentially, life insurance is intended to leave money in the case of your death to those you care about. Without life insurance, they won’t have your help.
Remember these Tips when Buying Mississippi Life Insurance
The following are some important life insurance buying tips from financial experts:
- Your employer-provided life insurance is not enough. Specifically, to replace income for your dependents, you generally need 5-8 times your income, and employers typically provide coverage for just 1-2 times your annual salary.
- You need life insurance even if you don’t work outside the home. Specifically, if you are a stay-at-home parent caring for children and/or disabled or elderly parents, the cost to replace those services is extremely high.
- You are never too young to think about and buy life insurance. In fact, life insurance is one of those purchases that buying young gives you the better option. Buying early is a good idea.
Buying life insurance can be complicated because many standard products simply don’t apply to everyone. Most individuals find they need help putting together policies that are appropriate for their risk and their needs. Working with a professional and experienced insurance agent can not only save you significant amounts of money, but also give you the peace of mind that you have a proper analysis of your risk and just the right protection for those risks. When your needs change – you buy a house, have a child, get married or divorced, for example – your insurance agent can help you adjust the policy or policies to fit those needs.
Call The Nowell Agency Inc. at 601.992.4444 for more information about Mississippi life insurance or request a quote for coverage online.