5 life insurance myths broken
ERIE, Pennsylvania., September 23, 2021 / PRNewswire / – Life insurance. This is something that most people need, but a topic that no one wants to discuss, which leads to a lot of misconceptions.
To help you figure it all out this National Life Insurance Awareness Month, Erie Insurance debunks five common myths.
- I’m single; I don’t need life insurance. Most people think that life insurance is more necessary for married people than for single people. But even if you are single and have no children, you can still leave loved ones behind who should pay your debts. For example, if you have a co-signer on a loan, he or she would be responsible for paying it back. Life insurance can provide peace of mind by potentially paying off any remaining debt. Or, if you want to bequeath money to charity, life insurance can help make your wishes come true.
- It’s too expensive. Cost is one of the biggest reasons people don’t buy life insurance. According to the Insurance Barometer study, 66% of respondents said it was too expensive. The same consumers overestimated the price by more than three times the actual cost. With Erie Family Life, a $ 250,000 life insurance policy could cost less than $ 15 a month. Millennials can take an even bigger break from buying while they’re still young. Premiums are generally cheaper because they are generally healthier and have fewer assets.
- My employer provides life insurance; I don’t need mine. While it is good to have coverage through an employer, it is often not enough. Also, if you take another job, your policy may not be transferable.
- I am a stay-at-home parent. If you are not the breadwinner in your household, you may think that your family is not dependent on your income. Whether it’s a mother or a father, stay-at-home parents are an important contributor to a family’s bottom line. In addition to paying the mortgage, car, and credit card bills, and funding college and retirement funds, the surviving spouse will likely have to pay more for child care, buy more. of meals prepared and hire more household help. Fortunately, even a small amount of life insurance can help in these kinds of situations, so no excuse not to be able to purchase a large policy.
- I don’t have time to research or register. Your Erie insurance agent can quickly walk you through the process to identify what you need and your options, as well as explain the conditions. See your agent as a trusted partner who will keep tabs on how your policy is adjusting to your life. Plus, it’s quick to apply, and some don’t require doctor visits or complicated forms.
Bottom Line: Most people could benefit from life insurance, but this is not a unique scenario. The amount needed really depends on individual circumstances. To protect those who matter most, check with your Erie insurance agent to make sure you’re getting the right coverage.
About Erie Insurance
According to AM Best Company, Erie Insurance Group, based in Erie, Pennsylvania, is the 12th largest home insurer, 13th automobile insurer and 13th commercial lines insurer in United States on the basis of direct premiums written. Founded in 1925, Erie Insurance is a Fortune 500 company and the 16th largest property and casualty insurer in United States on the basis of the total net premium of the lines subscribed. Rated A + (Superior) by AM Best, ERIE has over 6 million policies in force and operates in 12 states and the District of Colombia. Press releases and more information are available at ERIE website at www.erieinsurance.com.
SOURCE Erie Insurance Group