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Life insurance is valuable at any stage of life. Beyond things like final arrangements and funeral costs, have you thought about other possibilities like the debt your family could be stuck with?
posted in: Financial Wellness
by Katie Crenshaw (of katiecrenshaw.com)

Adulting 101: Debunking Life Insurance Misconceptions

This post was sponsored by COUNTRY Financial and contains information provided by COUNTRY Financial. All opinions are mine.

Fun fact: I got licensed in the state of Georgia as a Health and Life Insurance Agent many years ago to complement a job I had in employee benefits. I learned SO much in the class I took before I became licensed. It was around that time that I truly began to understand the importance of life insurance and why it shouldn’t be something I shrugged off to worry about later. I learned all about the different types and heard many real-life stories that shook me and taught me that certain things shouldn’t be ignored.

Life insurance is one of the most misunderstood topics that come with “adulting” in my opinion. I’m definitely guilty of thinking that life insurance wasn’t something to consider until way later in life. The reality is that couldn’t be more wrong.

Life insurance is valuable at ANY stage of life. Beyond things like final arrangements and funeral costs, have you thought about other possibilities like the debt your family could be stuck with, for instance? Scary, right?

Let’s debunk three common myths about life insurance.

1. You’re too young to need life insurance.

Absolutely not! In fact, it’s extremely affordable to purchase life insurance for your children and it’s also a great gift to give to your child so that he or she can experience the benefits for life (plus, you have the opportunity to lock in lower premiums).

2. Life insurance is expensive.

Premiums will never be lower than they are now, and you would be surprised at how affordable it really is. Head to COUNTRY Financial and check out their informative section on life insurance and the cost ballpark for term life insurance coverage.

3. My employer provided life insurance is enough.

While this is an awesome benefit, it’s usually not enough to cover the true expenses that arise in the event of someone’s death.

Another amazing thing? Life insurance isn’t one-size-fits-all. You can customize your plan based on your needs. Whole life insurance remains in effect your entire life as long as you pay the premiums and don’t cancel or surrender it, but it’s more expensive. Term life insurance is where you essentially ‘rent’ life insurance and purchase it for a certain amount of time.

As much as it feels overwhelming and uncomfortable to think about things like death and hypothetical tragedy- it’s necessary. I’ve seen too many families left without security because they didn’t have solid life insurance in place. Challenge yourself with researching your options and making a plan.

ICC17(RCT); ICC13(WL)
Policies issued by COUNTRY Life Insurance Company® or COUNTRY Investors Life Assurance Company®, Bloomington, IL. Products and services described vary from state to state and not all products, coverages or services are available in all states.

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