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Life Insurance Myths You Should Stop Believing Today

With all of their provisions and technicalities, it can be challenging to understand life insurance. However, this type of financial protection is important for every individual.

Regrettably, there are still numerous insurance myths that contribute to the neglect of these protection premiums. That’s why we’re here to help you debunk those life insurance myths and gain a better understanding of the benefits it will provide you.

Life Insurance Premiums are Expenses

Most people who are unsure about the total value of life insurance regard it as an expense. You should consider that paying a life insurance premium means that you are getting coverage for yourself and protecting all of your assets from unforeseen problems.

My Employer’s Term Life Insurance Is Enough

Most term insurances provided by employers are adequate to cover an employee’s basic needs. However, it is insufficient to cover the needs of an employee’s family. Estate taxes your beneficiaries may be responsible for upon your death, for example, are not covered by your company term insurance and will undoubtedly cause a major problem for your family in securing your properties.

Life Insurance is for Breadwinners only

For instance, if you are not the breadwinner in your family, you may believe you do not require coverage. You should think twice! Even if you are not the breadwinner, you can provide essential income to the household or provide services. Stay-at-home parents carry out responsibilities that must be augmented or replaced. Additionally, the breadwinner may need to work less or switch jobs while adjusting to a one-parent household.

I’d Rather Invest My Money Instead of Getting Life Insurance

You might say that you do not need life insurance if you have a million dollars in cash assets; but, relying exclusively on your investments might be risky, especially if you have children or a spouse who depends on your income.

I Don’t Need Life Insurance Because I’m Single or Married without Children

Even if you have no dependents or a spouse, the proceeds of your life insurance policy can be used to help your loved ones pay off your debts (such as private college loans) if you die. As an example of debt, consider your mortgage or auto loan. Early planning may protect your loved ones from unexpected costs.


The following are just a few of the thousands of myths about life insurance. Life insurance is a precaution to protect your family from the unforeseeable future. It does not necessarily imply that bad things will occur—but with it, you can have peace of mind knowing that even if it does, your family’s future is secure.

If you are considering life insurance or want to learn more about how other life insurance products operate for wealth building or as an investment tool, speak with an insurance consultant familiar with the various types of term life and permanent life insurance products.

Consult Swell Financial Planning for more information! We are the best finance and insurance consultants, and we firmly believe in the enormous value that good financial advice can provide to a person. We will assist you in gaining a better understanding of life insurance and asset management, money management tips, and many other topics. Contact us today for more information!


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