Babies and Families

Three Misconceptions About Protecting Your Family with Life Insurance

There are some common myths about life insurance that may be prohibiting you from purchasing a policy. Read this article to dispel myths and start protecting those you love today.

How Life Insurance for You is All About Your Love for Them

When you became a parent, everything changed. You read all the books about what to expect, but nothing prepared you for the way it felt to hold your child in your arms for the first time. Your priorities shifted, and for all the right reasons.

Someday in the future you'll give them a shoulder to cry on after their first heartbreak and the loudest applause in the auditorium when they get their degree. But for today, you can secure their future by securing a life insurance policy for you.

In this article, we're going to reveal some common myths surrounding life insurance, so you can push past any barriers that might be standing in your way to protect those who depend on you the most.

Myth: It's unaffordable.

Truth: There's a life insurance policy for any family budget.

A life insurance premium is based on many factors, including the policy type, your health, and benefit limit. A qualified insurance professional can help you select a life insurance policy that best fits your budget and meets your family's individual needs. Think you have a budget that won't budge? Then it's time to get serious about prioritizing your spending. After all, they're worth it.

Myth: I don't have the time to set up an appointment to get a policy going.

Truth: Time is not on always on your side.

Your life insurance premium depends in part on your age and pre-existing health conditions. In general, the earlier you can get a policy established, the more favorable the rate may be. Don't risk an unexpected change in your health status that could make life insurance unaffordable, or worse, prevent you from qualifying for coverage altogether. Most importantly, don't take chances with the financial security of your children should they lose one or even both parents.

Myth: It's not necessary for both parents to have a policy.

Trust: It's advisable to have a life policy for both of you.

Even a stay-at-home spouse with no paycheck to replace, could financially burden a family already struggling with loss. Consider high cost of securing quality childcare and assistance with other household responsibilities. Remember, it's the surviving spouse that will have to pick up the pieces. It'll make things a bit easier without having the additional financial burden, employment stress, or the pressure to downsize and uproot the family.

Good advice for parents is to expect the unexpected. Life insurance is one of the best ways to protect your children in light of an unpredictable future. Let this be a reminder to get a life insurance policy started - a gift from you to them.

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All Learning Center articles are general summaries that can be used when considering your financial future at various life stages. The information presented is for educational purposes and is meant to supplement other information specific to your situation. It is not intended as investment advice and does not necessarily represent the opinion of Protective Life or its subsidiaries.

Learning Center articles may describe services and financial products not offered by Protective Life or its subsidiaries. Descriptions of financial products contained in Learning Center articles are not intended to represent those offered by Protective Life or its subsidiaries.

Neither Protective Life nor its representatives offer legal or tax advice. We encourage you to consult with your financial adviser and legal or tax adviser regarding your individual situations before making investment, social security, retirement planning, and tax‐related decisions. For information about Protective Life and its products and services, visit www.protective.com.

Companies and organizations linked from Learning Center articles have no affiliation with Protective Life or its subsidiaries.

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