Debunking these common life insurance myths.

As a new parent, getting life insurance probably isn’t the first thing on your mind.  To make matters worse, there are many popular misconceptions that support young parents’ decision not to get life insurance coverage.  However, it’s important to understand that putting life insurance on hold can leave your loved ones at risk.  To ensure that you don’t jeopardize your family’s financial future, here is the truth behind some of the most common life insurance myths.

  • “Stay-at-Home Parents Don’t Need Life Insurance.”

Because life insurance is designed to make up for lost income, many parents assume that only the family’s main breadwinner needs a policy.  However, it’s important to consider all the value that stay-at-home parents provide.  Not only do stay-at-home parents care for their children, but they also manage the household and take care of routine tasks such as cleaning, cooking, running errands, and so on.  If this parent were to pass away, then the remaining parent would have to pay for all these services.  To ensure that these costs do not come out of their partners’ pockets, stay-at-home parents should always secure a comprehensive life insurance policy.

  • “You Don’t Need Life Insurance When You’re Young and Healthy.”

Many people associate life insurance will older, more established families.  However, waiting until to secure life insurance will end up costing you.  Life insurance providers offer the best rates to people who are young and healthy.  The older you get, the more likely you are to develop serious health concerns.  If you try to secure life insurance with preexisting conditions, then the cost of your coverage will be much higher.  So, if you want to lock in the cheapest life insurance rates possible, you should start shopping for a policy while you are in good health.

  • “A Term Life Policy Is Enough.”

Term life insurance is the most popular form of life insurance for a variety of reasons.  Not only are these policies affordable, but they are also straightforward and easy to understand.  However, this does not mean that term life policies are right for everyone.  For instance, if you need life insurance coverage indefinitely, then you should not opt for a term life policy.  This is because your policy will expire eventually, leaving you to find a new one at an advanced age.  Term life policies are also not ideal for individuals who are looking at life insurance as a financial investment.  In this case, permanent life insurance policies are better suited for your needs because they offer cash benefits that allow you to borrow against your policy.

Don’t let these myths stop you from securing the right life insurance protection for your loved ones.  Do you have more questions about your life insurance coverage?  If so, then contact the experts at Randy Jones Insurance Services in Pleasanton, California.  We are ready to assist you with all your personal insurance needs today.