09/11/2018
September is Life Insurance Awareness Month! Advanced Benefit Concepts is bringing awareness to those unfamiliar with its impact by debunking 5 common misperceptions about Life Insurance…Life is complicated but buying life insurance doesn’t have to be!
Myth #1: Life insurance is too expensive.
FACT: 8 out of 10 Americans overestimate the actual cost of life insurance.
Myth #2: Only families with young children need it.
FACT: Life insurance can be the foundation of financial security for your family. Proceeds from a life insurance policy can help cover outstanding debt like a mortgage, credit cards, etc.
Myth #3: I’m young and healthy and don’t need it right now.
FACT: Buying life insurance when you’re young and healthy is the best option, think long-term! Putting a policy in place early ensures coverage at significantly lower rates & provides the financial security needed for the long haul. Don’t wait until it’s too late!
Myth #4: The life insurance I have through work is enough.
FACT: While having life insurance through work is a start (some coverage is better than no coverage), it typically does not provide the amount of coverage that you should have permanently & usually terminates when your employment ends. The general rule of thumb is that 5-8 times your salary is needed to replace your income where employer benefits are often just 1-2 times the employee’s annual salary.
Myth #5: Stay-at-home parents don’t need insurance.
FACT: Stay at home parents are significantly valuable & add to the financial stability to the family. The average value of a stay-at-home parent is over $150K/year! While not a traditional income, that value would still need to be supplemented in order to create stability & comfort for the household without sacrificing future goals such as saving for your child’s college tuition or planning for retirement.
Contact us today at (856)427-9300 to find out how you can protect your loved ones, transfer risk & provide for those you care about during and after your lifetime.
