Life insurance can seem intimidating – especially with so many myths floating around. Some people think the process of getting life insurance is long, confusing and unnecessary, particularly if you’re young, single, and receive insurance benefits from your workplace. But the fact is, none of that is true!
Buying term life insurance can be easy, affordable, and a prudent step in your financial planning. To set the record straight, we’ve debunked and explained the top seven myths around term life insurance.
1. “You don’t need life insurance when you’re young.”
Actually, opening up a term life insurance policy when you are young is the optimal time. Why? Because you typically will pay the lowest rates the younger you are. And, for our term non-renewable life insurance product, your rates will remain level throughout the term of your policy. Our term life policies start at age 18 and are available up to age 60.
2. “Employee insurance coverage from work is enough.”
Unfortunately this is almost always not true. Most employers offer group life coverage that is either 1x or 2x your base salary. For many, this is not enough to cover your mortgage, day-to-day expenses and your children’s post-secondary education in the event of your loss of income. Plus, group life insurance may change over the course of your employment or end if you change employers. Individual life insurance allows you to have stable, and full protection.
3. “It’s difficult to access payments following a claim.”
False. Although the idea of filing a claim can seem stressful and intimidating, we make it our priority at Teachers Life to help our Members and their beneficiaries get the care they need. We make filing a claim and accessing payments for your beneficiaries simple, easy and stress free. We also offer incredible customer support over the phone or through email during business hours.
4. “I don’t need life insurance if I’m single and don’t have children.”
While not everyone needs it, many individuals with or without children are benefited by it. Life insurance does cover things like an outstanding mortgage balance, funeral expenses or any other debt so that your loved ones, (no matter who they are) aren’t left with the burden of managing these expenses upon your death. So really life insurance is a great option for many people, regardless of their relationship and family status.
5. “The process of applying for life insurance is difficult and confusing.”
Myth! Applying for life insurance has never been easier. At Teachers Life we offer term life insurance completely online. We don’t require any medical exams or make the process any more complicated than it needs to be.
To make the application process even more straightforward, we also have a confidential online quick quote and life insurance calculator to help you determine the right coverage for you. If you still have questions you can easily talk to one of our licensed insurance agents.
6. “Life insurance is expensive and unnecessary.”
This is one of the most popular myths about life insurance and more often than not it’s simply not true. One of the greatest things about life insurance is that you can get extensive protection for a low, affordable rate. Many people are shocked at just how affordable term life insurance can be. Remember, the younger you are, typically the lower your rates.
If you purchase a Teachers Life life insurance policy, you’re entitled to our Member benefits which include an annual Healthy Living rebate that you can put towards any health or wellness program cost like a gym membership or app!
7. I don’t need life insurance if I’m not the primary provider for my family.
Not necessarily. The question really comes down to – are your loved ones dependent on your contribution to the family either through earned income or your role as the primary caregiver. Life insurance protects from more than just the loss of income. It can also help with having to pay for support or dependent care. As well, life insurance can be a valuable tool for estate planning.
Now that we’ve set the record straight around life insurance, feel free to share this blog with a friend or family member to help them learn more about the value of investing in life insurance, both for them and their loved ones. If you’re interested in learning more about the value and benefits of life insurance, you can visit our site, email us, or talk to one of our friendly insurance experts during office hours at 416-620-1140 or toll-free at 1-866-620-LIFE (5433).