Debunking One of the Biggest Life Insurance Myths

Family Insurance PlansThere are many people (and you might even be one of them) who view family insurance plans as entirely unnecessary. After all, the only person that really needs a life insurance policy is the person who “brings home the bacon” – right? Wrong.

Congratulations! You’ve just stumbled upon one of the biggest myths in all of life insurance. This is one that’s been around for quite some time, and the closer you look at it, the more mystifying it becomes as to how anyone could ever think it to be remotely accurate.

While it’s true that it’s critical to have a life insurance policy on the head of the household who’s responsible for bringing in the majority of the income, there’s just as great a value in a family insurance plan that covers your spouse or children – even if none hold a job.

If you’re married to a stay-at-home spouse, take a second to think it over: what are the duties that he or she performs on a daily basis? Not only do you have to consider the psychological ramifications of losing your spouse, but there are also the financial hardships you’ll have to endure if you’d be forced to pay for day care or babysitting services in their absence.

And what about family insurance plans that cover children? If you consider these to be in bad taste, try for just a moment to put yourself in the position of someone who has lost a child, and ask yourself how difficult it would be to get back to work to pay the bills in the event of the unthinkable. When put in that context, it all starts to make a lot more sense.

If you need help arriving at decisions about how much family insurance coverage you need, be sure to talk to a life insurance agent about your options. For many, discussing the topic of family insurance plans is certainly no cup of tea, but there’s nothing in the world that feels better to check off your to-do list.


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