People often have questions about life insurance but put off the conversation. Over time, assumptions can take the place of facts. Some are passed down, some are picked up secondhand, and many are wrong.
You may wonder: Is life insurance affordable? Who needs it, and when is the right time to buy? These are fair questions that deserve clear answers, not guesswork. Here are common myths families may hear, along with the facts behind them.
- “Life insurance is too expensive.” More than half of Americans think life insurance costs about three times more than it actually does. Term life insurance can often provide coverage at an affordable monthly cost. Source: LIMRA’s Life Insurance Barometer Study, 2022.
- “Employer-provided life insurance is enough.” Employer coverage may not provide enough protection for your family’s needs, and it may end when you leave your job. Reviewing your coverage can help you decide whether an individual policy makes sense.
- “No spouse, no kids, no need.” Life insurance can still be useful if others would be responsible for your debts, final expenses or other obligations. Buying coverage before you need it can help protect the people who matter to you.
- “Life insurance is only for older ” Life insurance can be helpful at many stages of life. Buying when you are young and healthy may mean lower premiums and, depending on the type of policy, potential cash value for future needs.
- “I can only insure myself.” In some cases, you may be able to insure another person if you have a financial interest in their life. A spouse, child or business partner may be part of a broader protection plan.
These myths are generalizations, and generalizations are the wrong tool for decisions about financial protection. A family with a new mortgage, a business owner with a partner, or a widow reviewing an old plan may each need a different conversation. A financial representative can help you review your obligations, income, health and goals, then identify gaps and decide whether your current coverage is enough.
Modern Woodmen of America has helped families plan for the future since 1883. Inspired by pioneer woodmen of the era, we were founded to clear financial burdens – not trees.
More than 140 years later, Modern Woodmen remains committed to helping members build financial security through personalized guidance, not one-size-fits-all answers. We can help you understand your options and plan for life. Let’s talk.
Tiffany Eaton, FIC
Financial Representative
C 817-914-5026
Tim Eaton, FIC, CFFM, MBA
Managing Partner/ Financial Advisor
B 940-532-8500
C 940-597-6000
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