{"id":7437,"date":"2022-05-02T19:21:41","date_gmt":"2022-05-02T19:21:41","guid":{"rendered":"http:\/\/www.builddesmoines.com\/?p=7437"},"modified":"2022-05-02T19:21:41","modified_gmt":"2022-05-02T19:21:41","slug":"look-past-these-life-insurance-myths","status":"publish","type":"post","link":"http:\/\/www.builddesmoines.com\/look-past-these-life-insurance-myths\/","title":{"rendered":"Look Past These Life Insurance Myths"},"content":{"rendered":"<p><span class=\"uppercase\">Most people recognize the need<\/span> for life insurance\u2014but many of them still don\u2019t have it. Why?<\/p>\n<p>People offer a variety of rationales for remaining uninsured. But these reasons may just be myths. Here are a few of them:<\/p>\n<ul>\n<li><strong>I\u2019m single (or married with no children), so I don\u2019t need life insurance.<\/strong>\n<p>Even if you\u2019re single, you may still have financial obligations that could be met by life insurance proceeds if something happened to you. Perhaps you have taken out some loans with a co-signer who would be on the hook for the balance, or maybe you have a business partner who might be in trouble without your resources. And if you\u2019re married but don\u2019t have children, you\u2019d still want to provide support for your spouse, particularly if student loans or a mortgage is involved.<\/li>\n<li><strong>Life insurance is too expensive. <\/strong>\n<p>Different types of insurance carry different costs. If you purchase permanent insurance, such as whole life or universal life, your premiums are paying for a death benefit and a savings component. Consequently, this type of policy is more expensive than term insurance, which just provides a death benefit for a certain number of years. Term insurance is usually quite affordable, and, generally speaking, the younger you are, the less expensive the policy\u2014and, of course, you can shop around for the best rates for you.<\/li>\n<li><strong>I get enough life insurance through my employer.<\/strong>\n<p>Many employers do offer life insurance as an employee benefit, but there are two possible issues with this coverage. First, it may be for a minimal amount and not enough for your needs, especially if you have several dependents. And second, an employer\u2019s life insurance policy is not necessarily portable\u2014if you leave your job, you might lose your coverage.<\/li>\n<li><strong>I have a pre-existing condition, so I\u2019m sure I couldn\u2019t get life insurance.<\/strong>\n<p>Certain pre-existing conditions do not automatically disqualify you from getting life insurance, although you might end up paying higher premiums than someone without any health issues. In any case, it\u2019s a good idea to look at what various companies might offer, as insurers use somewhat different underwriting processes and may view pre-existing conditions differently for you.<\/li>\n<li><strong>Insurers don\u2019t want to pay out the proceeds.<\/strong>\n<p>Actually, there\u2019s a fairly straightforward process for paying out death benefits. Your beneficiaries must file a claim and submit the death certificate\u2014and that\u2019s about it. An insurer must have a strong reason to deny a claim, and, in fact, the company is typically motivated to pay as soon as possible to avoid incurring interest charges for delayed payments.<\/li>\n<\/ul>\n<p>Don\u2019t let any of these myths deter you from obtaining life insurance. Then, when you\u2019re ready to act, you\u2019ll need to ask some questions: How much coverage do I need? Should I get term or permanent insurance? How should I designate my beneficiaries? You may want to work with a financial professional to determine the type and amount of insurance you need.<\/p>\n<p>Once you\u2019ve gotten your coverage in place, you\u2019ll know that you\u2019ve done what you could to help protect your loved ones\u2014and that\u2019s no myth.   <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Most people recognize the need for life insurance\u2014but many of them still don\u2019t have it. Why? People offer a variety of rationales for remaining uninsured. But these reasons may just be myths. Here are a few of them: I\u2019m single (or married with no children), so I don\u2019t need life insurance. Even if you\u2019re single, you may still have financial obligations that could be met by life insurance proceeds if something happened to you. Perhaps you have taken out some loans with a co-signer who would be on the hook for the balance, or maybe you have a business partner who might be in trouble without your resources. And if you\u2019re married but don\u2019t have children, you\u2019d still want to provide support for your spouse, particularly if student loans or a mortgage is involved. Life insurance is too expensive. Different types of insurance carry different costs. If you purchase permanent insurance, such as whole life or universal life, your premiums are paying for a death benefit and a savings component. Consequently, this type of policy is more expensive than term insurance, which just provides a death benefit for a certain number of years. Term insurance is usually quite affordable, and, [&#8230;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[33],"tags":[],"class_list":["post-7437","post","type-post","status-publish","format-standard","hentry","category-observations"],"modified_by":"Build Des Moines","_links":{"self":[{"href":"http:\/\/www.builddesmoines.com\/wp-json\/wp\/v2\/posts\/7437","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.builddesmoines.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.builddesmoines.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.builddesmoines.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.builddesmoines.com\/wp-json\/wp\/v2\/comments?post=7437"}],"version-history":[{"count":2,"href":"http:\/\/www.builddesmoines.com\/wp-json\/wp\/v2\/posts\/7437\/revisions"}],"predecessor-version":[{"id":7445,"href":"http:\/\/www.builddesmoines.com\/wp-json\/wp\/v2\/posts\/7437\/revisions\/7445"}],"wp:attachment":[{"href":"http:\/\/www.builddesmoines.com\/wp-json\/wp\/v2\/media?parent=7437"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.builddesmoines.com\/wp-json\/wp\/v2\/categories?post=7437"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.builddesmoines.com\/wp-json\/wp\/v2\/tags?post=7437"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}