Life Insurance Facts
Life insurance is one of the hardest insurance policies to talk about because it is dependent on your death. However, not talking about your life insurance coverage can leave your family unprotected when you are gone. Make sure that you know the truths behind these common life insurance myths to ensure that you invest in the right amount of protection for your specific situation.
- I don’t have dependents so I don’t need coverage – even if you do not have anyone who financially relies on you, you should get a life insurance policy that is enough to cover your personal debts and funeral bills. Without a life insurance policy, your loved ones would be left paying for your funeral out of their own pocket, which can easily reach into the thousands of dollars.
- My term life policy through work will provide enough coverage – if you are single and live modestly, a term life insurance policy may provide enough coverage to meet your needs. However, if you have any dependents, you will most likely not have enough coverage. Investing in additional coverage with your own policy can help to provide your loved ones the financial cushion they need after you pass away.
- Stay at home parents don’t need a life insurance policy – while stay at home parents may not be bringing home a paycheck, they are providing countless services that you would have to pay for if they pass away. Consider the cost of child care, tutors, a cook, and a cleaning staff when deciding how much coverage you need as a stay at home parent.
Contact Humble & Davenport Insurance in Renton, Washington for all of your life insurance needs. As an independent insurance agency, we will work closely with you to make sure that you have the protection that will fit your specific needs, all at the right price to fit your budget.