You might think you know a thing or two about life insurance, but the truth is there’s a lot of misinformation out there on the subject. Here are our top myths when it comes to purchasing a Las Vegas life insurance policy:
Your employer-offered policy is enough
Generally speaking, your employer likely offers a policy that’s worth about 1 or 2 years’ salary. When you think about this figure as a lump sum, it might seem like a lot, but you might be surprised how quickly that money will go. Additionally, your annual salary amount, for these purposes, likely won’t include commissions, bonuses and income from other work. Some experts recommend getting 10 to 12 times your annual salary in Las Vegas life insurance to keep your dependents taken care of.
Stay-at-home parents don’t need it
If the stay-at-home parent isn’t bringing in money, he or she doesn’t need Las Vegas life insurance, right? WRONG! The costs of childcare, cooking, cleaning and all those other responsibilities a stay-at-home mom or dad takes care of can be staggering. Consider this when purchasing insurance.
My health prevents me from getting a policy
This isn’t necessarily true. There are many companies that offer policies to people with health problems, so it’s important to shop around – or better yet, find an agent who can shop around for you.
It’s super expensive
It’s a common misconception that Las Vegas life insurance is extremely expensive. In fact, many Americans surveyed actually grossly overestimate the cost of a policy. By working with an agent, you can find a policy that’s both affordable for your family as well as fitting for your needs.
If you’re young, you don’t need to worry about it
Sure, it might seem morbid to think about death when you’re young and healthy. But the fact of the matter is, the deaths of young parents and spouses are usually more devastating financially than that of an older adult. That’s why it’s so important to make sure your family is covered if the worst occurs.
Got questions about Las Vegas life insurance? Call us today!