You might have heard from someone how difficult it was to get life insurance or that it’s very expensive. You want enough to help your family not only make ends meet if you should pass, but also to pay off related expenses and replace the overall financial gap you’re leaving behind. But how much is enough? Today, Capistrano Premier Insurance helps you cut through some common misconceptions when it comes to life insurance.
Myth #1: You need to jump through hoops to buy life insurance.
One of the things that many people find off-putting about getting life insurance are the requirements. This is especially true for those who have pre-existing medical conditions or work in risky occupations. But contrary to popular belief, life insurance is actually a lot more flexible in terms of requirements than most people realize.
Case in point, the dreaded blood test, which is a ubiquitous requirement for most life insurance applicants. Despite the seriousness at first glance, these tests, in reality, are actually relatively quick and painless. Furthermore, it may even prove to be beneficial to you.
This is because a life insurance blood test has the objective of looking for conditions such as high cholesterol, blood sugar, or blood pressure levels, and any indications of drug, alcohol, or nicotine use, giving insurers a clear picture of your overall health. More often than not, favorable findings often result in lower premium rates, which is great when you’re in the pink of health. Otherwise, you will still receive commensurate coverage, at the very least.
You can also apply where there are no exams and blood work. The carrier will check the Medical Information Bureau (MIB) for your prescriptions (all carriers do this). If you are healthy, you can get approved in 5 minutes by going here to-Quote & Apply.
Myth #2: Life insurance is expensive.
Life insurance premiums can seem cost-prohibitive, but only on the surface. The benefits, eventual ROI, and even intangible perks like the peace of mind that it brings will more than make up for the costs in the long run. It’s great practice to shift your mindset so you see it as an investment for the future, rather than just another bill to pay.
Beyond that, there are also ways to circumvent excessive premiums, too, like quitting smoking and exercising. As mentioned, premiums can be kept on the lower side when you ace your medical screening.
You can save money if you purchase life insurance at an early age, and most importantly have the premium that you can easily afford determine the face amount of your policy. It’s best to put it on monthly auto-pay so you don’t need to come up with a lump sum payment every year. The type of insurance you choose and the length of your coverage are also other factors that affect your coverage costs, too. So make sure you use an independent broker like Capistrano Premier Insurance Services who not only works with all the carriers to get you best price, but also knows the underwriters at the carriers. Some carriers are better than others to go to based on the medical condition.
Myth #3: Your employer’s life insurance benefit is enough.
If you’re lucky enough to work for a company that provides life insurance coverage as a benefit, then good for you! But as pleasant a perk as that may be, know that you shouldn’t rest on your laurels just yet.
As Business Insider explains, group life insurance from your employer is owned by your employer, not you, so it can change to their discretion and potentially leave you with inadequate coverage. Moreover, you can’t take it with you when you change jobs. With these in mind, it goes without saying that it’s infinitely more preferable to have a life insurance policy of your own, so you not only get the amount of coverage that you need, but you also enjoy full control and stability.
Truth be told, life insurance is not the be-all and end-all of a great life, but it does contribute to making yours a financially-sound one. So it’s time to look beyond the myths and appreciate life insurance for what it really is—an asset that guarantees a stable future for you and your family.
Capistrano Premier Insurance serves clients all over California and Colorado, is an Independent Insurance Brokerage, owned and operated by Darrell Fryer. Call 949-248-3112.
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