myths confuse consumers and lead to poor choices, according to insurance experts at a national online insurance shoppingservice. The good news, however,is consumers can find the life policy that best suits their needs by doing a little homework. Here are clarifications of some common misconceptions: 1. “It is too expensive.” With a term life policy, you can pay less than $1 a day for $500,000 in 10year life coverage. So, for less than the daily cost of a cup of coffee or a cell phone call, you can protect your family’s future. 2. “I don’t need it because I have it at work.” Employer group life insurance mayoffer insufficient coverage. Most grouplife plans pro- vide income protection worth one to two times yoursalary, but a head of household with children generally should have coverage of at least eight to 10 times income. Also, if you lose the job, you may lose your life insurance, too. 3. “I already have enough life insurance.” Consumers who believe this may unknowingly erode family insuranceprotection. Life insurance needs change as yourlife changes. Review your coverage every few years. Perhaps you now earn more money, have more children or have taken on additional debt. A head of household with children generally should havelife insurance protection of at least eight to 10 times income. 4, “My husband has life insurance; I’m a homemaker, Understanding a few facts about life insurance can help you figure out what’s best for you. may take four to eight weeks to finalize, there are “simplified”life plans available where you can get coverage instantly by signing an online application if you qualify. 6. “I cannot qualify for life insurance because of my health.” Coverageis still available. There are carriers that specialize in impaired risks and those with special needs. 7. “Iam too old to qualify for life insurance.” There arecarri- ers that offer “final expense” plans for individuals up to 80 years old. These plans have just a few quali- fying questions and offer enough coverage to provide for a dignified burial. Independent experts note that one of the best ways to ensure the right life insurance choice is to shop and compare plans. Answer Financial, for instance, makes that process easy by providing free comparisons of a broad range of coverage options from a selec- and I don’t need it.” There’s a severe financial drain to the household if something happens to a homemakerandcaregiver. 5. “It takes forever to get a tion of top-rated companies, either online or by phone. plans require a medical exam and andhealth plans from top insurers. policy.” While it’s true many For more information on select- ing insurance coverage, go to www.answerfinancial.com for quotes on life, auto, homeowner
