{"id":1264,"date":"2018-10-30T16:37:18","date_gmt":"2018-10-30T20:37:18","guid":{"rendered":"https:\/\/lifehappens.org\/?p=1264"},"modified":"2020-05-04T09:45:15","modified_gmt":"2020-05-04T13:45:15","slug":"4-things-life-insurance-is-not","status":"publish","type":"post","link":"https:\/\/lifehappens.org\/blog\/4-things-life-insurance-is-not\/","title":{"rendered":"4 Things Life Insurance Is Not"},"content":{"rendered":"

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Are you confused about life insurance? I don\u2019t blame you. When I first started writing about finances more than a decade ago, my understanding of life insurance<\/a> was limited.<\/p>\n

I knew about life insurance because it was offered through my employer, and I thought a $50,000 policy was a lot of money. I also recognized insurance company names from late-night TV commercials and the occasional bit of junk mail.<\/p>\n

I understood \u201cinsurance\u201d to be that stuff that you had to have for your car, your home, and your health. The \u201clife\u201d part was a big, blurry blob of \u201cother.\u201d If that\u2019s how you\u2019re feeling, here are a few tips that might help bring things into focus\u2014by understanding the \u201cnots.\u201d<\/p>\n

1. Life insurance through work is generally NOT enough.<\/h2>\n

Since learning this myself some years back, I\u2019ve noticed that many people never explore life insurance past what is offered through their work. Policies through work are a great benefit to have, but are usually limited to one- or two-times your salary or a fixed amount like $50,000. Plus the coverage typically ends when your employment there does.<\/p>\n

How far will an amount like that go when you consider what\u2019s left behind for your loved ones: the loss of your income and mostly likely debts and bills. What about things like rent or mortgage, child-care and education costs?<\/p>\n

An easy way to get a working idea of how much life insurance you need is with a Life Insurance Needs Calculator<\/a> from a neutral source like www.lifehappens.org\/howmuch<\/a>.<\/p>\n

2. Life insurance is NOT a luxury item.<\/h2>\n

Many people have not even considered buying life insurance because they\u2019re convinced it\u2019s a luxury. In a recent study by Life Happens and LIMRA<\/a>, consumers thought the cost of a 20-year, $250,000 level term life insurance policy for a healthy 30-year-old was three times higher than it generally is. Younger people, in particular, overestimate the cost of a term policy by a factor of five.<\/p>\n

If you took a guess at what that policy above would cost, what would you say? It comes out to about $13 or so a month for that policy<\/a>. Definitely not a luxury\u2014most of us spend more than that on a meal out.<\/p>\n

3. Life insurance is NOT just about covering funeral expenses.<\/h2>\n

While covering funeral expenses is very important, and a major reason people purchase it, life insurance does so much more. If something happens to you, life insurance benefits can help replace lost income, or pay off a mortgage, or help ensure a college fund or safeguard a retirement nest egg.<\/p>\n

The proceeds of a life insurance policy are generally tax free and can be used for anything your loved ones may need now and well into the future. Amazing, right?<\/p>\n

4. Life insurance is NOT just for really healthy people.<\/h2>\n

Granted, life insurance is less expensive the younger and healthier you are, but don\u2019t discount it just because you\u2019re not in triathlete shape!<\/p>\n

Many people don\u2019t considering buying life insurance because they think they won\u2019t qualify. But when certain health conditions<\/a>, such as diabetes or high blood pressure, are under control with a doctor\u2019s guidance or medication, it\u2019s often possible to qualify. You may even be able to get coverage after a heart attack<\/a>. Just know that it is probably best to work with an experienced insurance agent if you are concerned about a health issue and qualifying for coverage.<\/p>\n

Now, if you\u2019re a bit overwhelmed with this information and perhaps don\u2019t know where to start, just know that a life insurance agent will sit down with you at no cost to go over your needs and help you get life insurance coverage to fit your budget. If you don\u2019t have an agent or advisor, go here for suggestions<\/a> on how to find one. You can also tap the Agent Locator there to find someone in your area.<\/p>\n

Remember, the right agent or advisor can help you make sense of the confusion and get you on track for the financial future you want\u2014with the protection your loved ones need.<\/p>\n

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Are you confused about life insurance? I don\u2019t blame you. When I first started writing about finances more than a decade ago, my understanding of life insurance was limited. I knew about life insurance because it was offered through my employer, and I thought a $50,000 policy was a lot of money. I also recognized […]<\/p>\n","protected":false},"author":14,"featured_media":1265,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"2880","footnotes":""},"categories":[4],"tags":[123,125,107,14,124,33,126,88,20],"class_list":["post-1264","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-life-insurance","tag-agent-locator","tag-college-funding","tag-debt","tag-life-insurance","tag-life-insurance-needs-calculator","tag-life-insurance-through-work","tag-mortgage","tag-retirement","tag-term-life-insurance"],"acf":[],"yoast_head":"\n4 Things Life Insurance Is Not – Life Happens<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/lifehappens.org\/blog\/4-things-life-insurance-is-not\/\" 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