Learn 10 Common Life Insurance Myths and Why They Should Be Ignored

Myth #3: Obtaining life insurance requires a medical checkup.

There is no medical checkup required to purchase life insurance. This is known as “no-medical” or “straight application,” and it is the quickest way to apply for life insurance. However, you must be cautious because not all firms provide this option. If your health isn’t excellent, you might wish to postpone your application until after your yearly physical.

 

Many life insurance policies require you to take a medical exam as part of the application process. The insurance company must know about your health and medical history to compute your life insurance premium and rate. The good news is that life insurance policies allow you to skip the medical if you don’t want to be poked and prodded by a stranger or just don’t have the time.

Myth #4: You can’t receive insurance if you have a pre-existing medical issue.

You can, but it may be more expensive because insurance companies may see you as a higher risk, and the number of providers willing to cover you may be limited. Everyone who applies for life insurance is evaluated on an individual basis. Therefore it depends on your specific circumstances.

Some pre-existing ailments may not affect the cost of life insurance, but more severe conditions, such as heart disease or cancer, may make it difficult to obtain a competitive rate.

It is critical to notify your provider if you have a pre-existing medical condition so that they can assess your risk and chances of claiming. This will help them determine how much to charge for insurance and whether or not to give you a policy.

 

Myth #5: Life insurance is only for married people with children or dependents.

When people are married with children, it is evident how the death benefit will be used. The funds will be used to maintain their household and assist them in adjusting to life without them.

When you’re single, it’s not the same. There are numerous reasons why you might purchase life insurance if you are single, and your single life policy death benefit can be used in a variety of ways, including:

Funeral expenses: even if you don’t care much about what happens after you die, your loved ones are likely to desire a funeral or remembering service).

Private student debts: When you die, your federal student loans are normally canceled, but your private student loans may not be.

Credit card debt: Your family may be saddled with your credit card balances after you pass away.

Future health issues: If you know you have a family history of chronic problems and may be affected later in life, you should obtain life insurance today – the younger you are, the lower your rates will be.