When it comes to life insurance, you’ve heard all sorts of advice—good and bad—which can make it hard to determine the things you should pay attention to from the things you should disregard. We’ve compiled a list of the worst pieces of advice so you’ll know the next time you hear a bad suggestion or tip.

Single Individuals Don’t Need Life Insurance

While it’s true that some single individuals have little or no need for life insurance, it is not accurate to make such a blanket statement. Life insurance is typically purchased to protect the financial interests of a family—often a spouse and children—but the benefits can also be used to pay off a policyholder’s outstanding debts and/or cover funeral expenses. If a single policyholder were to pass away, his or her family—parents, siblings, aunts, uncles, cousins etc.—wouldn’t have to worry about scrambling to cover financial obligations during such an emotional and stressful time.

Term Life Insurance is the Way to Go Because It’s Cheaper

While term life insurance is typically cheaper than permanent life insurance, the two types of policies should be considered based on the needs of your family. With a term policy, you pay a monthly premium for a predetermined term—usually 10, 20 or 30 years—and benefits are only paid if the policyholder dies within that term. With a permanent policy, your coverage lasts the duration of your life, so long as you continue paying your premiums. While a single individual may prefer term coverage, a family may benefit more from permanent coverage. Everyone’s needs are different.

Only a Wage-Earning Spouse Needs Life Insurance

While life insurance covers the monetary loss of a wage-earning spouse, stay-at-home spouses provide value to the household as well. For instance, if a stay-at-home mother were to pass away, the working father would then be responsible for cooking, cleaning and childcare. What he may take for granted on a daily basis may become a large expense after the wife’s passing. Not to mention, the grief of losing a spouse may require therapy and/or time off work. Therefore, it’s wise to consider life insurance for both spouses.

Protect your loved ones for years to come. Call Heritage Insurance & Real Estate at 515-386-2728 for more information on Jefferson Office life insurance.