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Myth 1: Life Insurance Is For Everybody

There are many who believe that everyone needs life insurance. It's just not true. Life insurance was created to help take care of the financial needs of your dependents in the event of your death. If you don't have any dependents, there really isn't a need to have life insurance. You can put children and retired individuals in this category. They have no one depending on their income. A small amount of life insurance can be helpful for final expenses, but it may not always be necessary.

Myth 2: A Spouse Does Not Need Life Insurance

This is most certainly not true. If you have a spouse at home and also have children, then you need life insurance protection for them. Why is that? Well, take a minute and think of the expenses you would take on in the event of your spouses death. You will have childcare expenses, housekeeping, transportation and a whole host of other expenses that you may not have even considered. Your spouse is really working a full-time job at home with trying to take care of everything. There death would impose a great financial hardship, and for this reason alone, they need life insurance protection.

Myth 3: Universal Life Insurance Or Whole Life Insurance Is Better Than Other Life Insurance

In many cases this is false. Many times, term life insurance will fit your needs the best. Term life insurance allows you to purchase coverage for a set number of years that you really need it for. You will also have a lower premium than you will with whole life insurance. This allows you to take the money you are saving and invest it in other financial investments. But, if you are someone who has difficulty saving money, then whole life insurance, or universal life insurance, may be for you. It will allow you to build up cash value, or a savings account so to speak, to use in the future if you need it.

Myth 4: Life Insurance Is Too Expensive

This is totally untrue. The cost of term life insurance is only pennies per $1,000. It is very inexpensive and affordable to all who need life insurance. There is no reason to let cost be an issue that causes you to be without it.

Myth 5: The Government Will Take Care Of My Burial Expenses

I hope you are not one of the many people who mistakenly believe that the government will pay your beneficiary a lot of money to cover your final expenses. This is just not true. The fact is, the U.S. government will give your beneficiary a whopping total of $255 upon your death for funeral expenses. That's it...$255. With the average cost of a funeral now approaching $10,000, this just isn't going to cut it. It will not even cover a simple service or a grave marker. The truth is, our government is not going to take care of your expenses. You have to plan ahead for this.

About the Author

You can find out much more about Life Insurance Myths as well as much more information on life insurance at http://www.life-insurance.infofroma-z.com