If you’re like most Americans, you probably assume life insurance is impossible to afford or unnecessary. However, life insurance policies can relieve the financial burden of a number of different costs related to death including funeral costs, medical expenses, and estate taxes. To secure your family and loved ones in the unfortunate event of death and tragedy, be sure to implement a Camden County NJ Life Insurance policy. Let’s now take a closer look at a few of the common myths associated with life insurance.
- Single & No Dependents Means No Life Insurance- Although you may not have a spouse or children, your financial debt could be transferred to your family if you are lacking a life insurance policy. Instead of leaving a burden to your loved ones, you can use your leftover finances to promote a good cause or gift to your family.
- My Coverage Should Only be Twice my Annual Salary- Depending on your health and financial circumstances, you might need to acquire more coverage. There are additional expenses beyond medical and funeral bills to consider when shopping for a policy. For example, if you have a mortgage and a family, it is wise to provide enough financial stability to sustain your family for a few years after your passing.
- I Should Invest my Money Instead of Getting Life Insurance- Investopedia suggests that unless your assets and your debts breakeven or you accumulate one million dollars in liquid assets, which is very generous insurance premium coverage, then you shouldn’t consider canceling or reducing your policy.
- My Work Policy is Sufficient- Again, each life insurance policy needs to be tailored to each individual person. Typically, if you have a spouse or any other dependents, it is likely that the coverage provided will not be sufficient as they are typically very basic coverages.
- My Premium Costs are Deductible- Unfortunately, unless the policyholder is self-employed, the premiums are not deductible.
Life insurance isn’t always the most approachable subject for you and your family to discuss. However, securing your finances in the event of an untimely death can lessen the burden and allow some peace of mind for their future. At Connell Insurance Agency, we understand the importance of protecting your family, your property, and your assets. To learn more about our various life insurance policies, contact our knowledgeable specialists today at (888) 590-0715