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family posingThere is no shortage of myths about life insurance floating around and some of these may even seem like common sense. To make an informed decision, it's important to get the facts straight. Here are three common and costly misconceptions.

I'm Young, So I Can Worry About Life Insurance Later

Depending on your situation, you may need to worry about it now. This is certainly the case if you have dependents. There is also the matter of funeral expenses should you die. If your assets aren't enough to cover it, your family will have to absorb the costs. If you have debts, it's the responsible thing to have them paid off.

In addition, the best time to get life insurance is when you're young because the premiums will be lower. Your rates are based on the likelihood of death occurring during the term of coverage. Youth and health means that it is less likely to happen. Waiting longer means growing older and becoming more likely to develop a health problem, which often translates to higher premiums.

I Don't Need Insurance Because I'm Not the Breadwinner

While you aren't the bread winner, your family still depends on you. Taking care of the house and the kids in your absence costs money. Cleaning, daycare, a maid service and meal preparation are long-term, ongoing costs.

If you itemized the costs of everything you do, you would find that your worth as a home keeper is substantial and would present a financial burden to your spouse. If your spouse and kids took up your house keeping work, it would place a burden on their time and performance at work and school.

Life Insurance is a Set-and-Forget Item

When you first buy life insurance, its coverage is based on your situation at that point in time. As you age, your life changes. You get married or divorced, have more children, buy a house or retire. When your life changes, so does your life insurance needs. At each life event, you should review your coverage. You also want your coverage to keep up with inflation.

Don't underestimate the importance of life insurance and the impact that not having it can have on those you love. The problem with putting it off is that when you need it, it will be too late.

Want a free quote? Call Sound Benefit Solutions at (925) 244-1330 for more information on San Francisco life insurance.

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