Term life insurance has many advantages. Understanding term life insurance and its benefits, however, often means sifting through the myths surrounding it; and there are many myths about life insurance. These life insurance myths and misconceptions can result in having too little coverage - causing financial hardship for families suffering the loss of a loved one.

To keep this from happening to you, we've looked at the most common misconceptions about life insurance to set the record straight – helping you to make the right life insurance choice for you and your family.
 
Myth #1: I don't work outside the home so I don't need life insurance.
 
False! Just because there's no paycheck to replace, doesn't mean life insurance is unnecessary. A life insurance policy that provides coverage for a stay-at-home parent isn’t so much about the money they bring in to the household, but instead about the money they keep in the household.

In fact, have you ever considered how much it would cost to pay for childcare and housekeeping in the absence of a stay-at-home parent? Don’t underestimate how much this would require, as child care is expensive and a growing cost.
 
Myth #2: I'm young, so odds are I won't need life insurance.
 
Some people are gamblers by nature and choose to take their chances by skipping out on life insurance completely. Although it is unlikely you'll die during your working years, you're not insuring yourself for what's likely to happen but, instead, for the worst-case scenario.

That's why term life insurance is inexpensive for young, healthy people. Buying life insurance now means you'll be providing financial security without spending a lot of money for it.
For example, online quotes show that a $250,000 10-year term policy for:

• A healthy 35-year old woman costs as little as $165 a year
• A healthy 35-year old man costs as little as $195 a year

What's more, you may even be eligible for preferred life rates that mean the annual premiums are even less! Preferred rates are lower premiums - for the same coverage - offered by an insurer based on your good health. The great news is that eligibility for preferred rates is common and could save you up to 30 percent off the standard rate.
 
Myth #3: If it's so cheap, there must be a catch.
 
There's no catch to term life insurance. Your basic term life insurance policy will offer you coverage so long as you pay your premium. You buy term insurance coverage for the duration of time you'll need life insurance, whether that's until the kids are out of school or until your mortgage is paid off.

Additionally, your premiums are fixed for the length of the term. They won't increase even if the status of your health changes.
 
Myth #4: I won't need life insurance once my children are self-supporting and my mortgage is paid off.
 
Everybody's insurance needs vary. But how would your spouse manage daily living expenses without your help? And what if your spouse outlived you by 10, even 20 years?

Even if your children are no longer living at home and you no longer have large debts (like a mortgage), there still are questions you should consider before deciding that life insurance is unneeded.
 
Myth #5: I have life insurance through my job. I don't need any more insurance coverage.
 
False. The truth is your life insurance coverage through your work may not be providing enough coverage for yourself and your loved ones as much as you think. Review how much your employer-paid insurance provides, and calculate whether this is enough to keep your family comfortable through the difficult times if you're not around.

What's more, when you leave your job for any reason, including retirement, your coverage usually stops.
 
Myth #6: It's such a hassle to get life insurance.
 
Thanks to the Internet, getting quotes is fast and easy. There are many online life insurance quote services and usually, all you have to do is answer a few simple questions to get quotes.  Sometimes, you can even get a policy without having to do a health screening.
 
Final Fact:
 
From the time you marry, buy your first home, start a family, and even when you begin to enjoy retirement, having life insurance means you and your family have the security knowing you can reach the long-term financial goals you have set out.

Life insurance policies provide you with customized coverage for your family's needs. Comparing quotes on the Internet can help you find affordable prices, but an Independent Insurance Agent will expertly help you find budget-friendly policies that will protect you and your family in the years to come – at the same price.

To get your top options from over 200+ Life Insurance Carriers, click the link below!

It’s certainly no secret today that your credit score goes with you just about everywhere when it comes to purchasing something. However, if you think your credit score only comes into play when you are applying for a loan you need to re-think that.
 
When it comes to car insurance, many insurance companies will also take your credit score into consideration when it comes to determining the cost of your coverage (or whether to even extend coverage at all) if you are applying for insurance.
 
Even with a spotless driving record, this can be the case.
 
You see, for insurance companies, it’s all about statistics and risk factors. Many insurance companies believe that mediocre to poor credit ratings equate to higher insurance risks.
 
So, if you’re not the best at getting your credit card payments in the mail on time you may want to stop and think about changing your payment habits and make more of an effort to improve your payment track record. Whether we as individuals perceive this to be true at all or not, almost all auto insurers use your credit score in the mix to some degree when determining your premium.
 
Knowing this makes it even more important for you to know exactly what your credit score is – and why it is what it is. In other words, even if you believe you’ve never been late on any payment, credit reporting companies are far from flawless. There could be mistakes or even misrepresentations on your report that could cause to have your insurance rated (higher bracket) or even denied.
 
It is worth the effort to take a few minutes (and you can do very easily online) and get your credit report. You can also check out your FICO (Fair, Isaacs & Co) score –  which is what most insurance companies use to factor your credit rating into the cost.
 
A driver with bad credit is going to pay more for their insurance than those with good credit.
 
If you do have bullet-proof credit, this is all the more reason for you to shop your insurance rates. You may find an insurance company that offers bigger discounts for A+ credit ratings – which is why shopping with an Agency who can do that work for you is a major benefit.

To review your rates across top-rated Carriers, click the link below!
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