Dispelling life insurance myths

Oct 10, 2011

An article tries to dispel life insurance myths.

With a December 2010 report from LIMRA saying that 44 percent of households have an individual life insurance policy, the lowest percentage in 50 years, Sheryl Nance-Nash on Daily Finance's website is looking to dispel common myths that she says could scare people away from buying the important protection.

Nance-Nash said many people don't buy life insurance independently because they receive it through their employer, but she said while this is a great benefit, it is merely temporary and it makes sense to buy insurance that is not tied to employment status.

She said many people also perceive life insurance as being too expensive, but quotes Byron Udell from a life insurance quoting company, who said term life insurance costs have dropped 60 percent in the past 16 years.

Another myth is that life insurance is only for those with dependents, but Nash-Nance writes that even if someone is un-married without children, there may still be people who depend on them - such as parents. Life insurance can cover expenses such as funeral arrangements and potential debt.  

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