Posted:
Monday, May 28th, 2012
Category:
Insurance Training
Life insurance is the least understood insurance line among buyers. That lack of understanding, contends InsuranceHotline.com, has led many to wait too long to get coverage (until it was too late) or to pay too much (much to their regret).
Unfortunately, it has also spawned a number of myths, much to the disadvantage of insurers?as well as of insurance professionals who already have a life insurance continued education or life insurance CE.
InsuranceHotline.com attempts to clear up five of those myths.
Myth 1: No need to buy life insurance while still young. In truth, there are more good reasons to get coverage when still young than when one is older. One major reason: lower premiums. Another reason: the younger and healthier the individual is, the easier it is to qualify for coverage.
Myth 2. Life insurance is expensive. Not really?not if the buyer shops around enough. There are ample options on the market today to make life insurance affordable for just about anyone. Term life insurance policies are surprisingly affordable.
Myth 3. No-medical-exam life insurance is the choice for you. Not always and certainly not for everyone. InsuranceHotline.com still recommends a traditional policy. Traditional policies give more options in policy length and coverage amounts.
Myth 4. Buyers must choose: term life insurance whole life insurance? There really is no need to choose between the two because the wise decision is to have both. A whole policy is for the long-term, while a term policy is for the period when a life need requires a larger coverage.
Myth 5. Senior citizens cannot qualify for life insurance. False. Insurers catering to seniors are widespread and more reputable than ever before.
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