Demystifying the Myths About Buying Life Insurance

IPS Coaches Corner... Demystifying the Myths About Buying Life Insurance

Buying life insurance can be intimidating. Because it forces you to think about your death. Which is not something most people want to do. There is an unfortunate amount of misinformation — and even more misconceptions — surrounding this valuable investment. It doesn’t matter if you are single or have a house full of children. There are very few individuals whose families won’t benefit from the financial safety net of buying life insurance.

Here, we will try to clarify some of the most common misunderstandings about buying life insurance and the financial impact of death.

I don’t need to buy life insurance because a funeral home can’t hold my body after the service anyway.

Indeed, a funeral home cannot hold your remains for any reason, including debt. However, they can refuse a funeral service if your survivors cannot prove they can pay. Unfortunately, funerals often exceed $10,000, which is not a small sum. Even if you choose to be cremated, your spouse, children, or next of kin may end up scrambling to come up with the money for even a modest sendoff.

I am single and make good money, so there is no reason to buy life insurance.

This is one of the most prevalent reasons that single people do not buy life insurance. But, as we mentioned above, a funeral is expensive, and your loved ones are the ones that are left paying the bill. Even if you leave behind a hefty bank account, your family may not be able to access your money. And then there may be disagreements about who inherits your assets. At the very least, you should consider buying a small life insurance policy to cover your burial and funeral expenses. Make sure to designate a primary and contingent beneficiary.

My family cannot afford to pay taxes on a death settlement.

Beneficiaries are usually not required to pay income taxes on a death benefit. They will, however, pay taxes on interest received and on any interest, the money gains over time.

I’m in debt, but they can’t collect if I’m dead.

This is absolutely untrue, and companies, corporations, and even individuals to whom you owe debt have a legal right to collect from your estate. Debt doesn’t just go away if you pass. Instead, like your money or property, it is essentially inherited. Usually, this involves probate proceedings and the judge appoints an executor to first pay off any outstanding money that you owe before distributing your assets to your loved ones. Even if you do not have property, keep in mind that even things like vehicles and valuable collections may have to be auctioned off and sold to settle what you left behind. Buying a life insurance plan will prevent the people you love the most from watching everything you owned get picked apart and lost forever because of debt.

There are no benefits to buying life insurance for me while living.

Depending on the type of policy you have, there may be plenty of benefits that you can use during your lifetime. Many life insurance policies will allow you to take out a loan of up to 90 percent of the cash value. If you die before the loan is repaid, then the payout is simply reduced by that amount. Keep in mind that this is a great strategy… if you need a down payment on a home… or if you want to pay for college. Especially, if your credit is less than perfect. Plus the interest rates in life insurance are low. And you do not have to prove creditworthiness… or the ability to repay the loan.

Life insurance is not only for married thirty-somethings with children and a mortgage. Everyone can benefit from having financial protection. If you are still unsure, contact your local life insurance agent. They can answer questions and help you find a policy that fits your budget.

One of the easiest ways for you to help families to buy the life insurance they need is for you to use mortgage insurance as a way for you to get in the prospect’s door! Once you get in front of people, then you will want to do a complete fact find. So that you can help them to see the problems they face. Then you will want to help them to find the money... So that they will take action to buy permanent life insurance.

Dana George, NY (4 years in the business)“I wanted to let you guys know that, still working on learning the scripts, but using this program (Mortgage Insurance Toolkit) allowed me to write an e-app for $1,500/month into an IUL. Someone who I had spoken to over there years about getting ‘life insurance’, but speaking about what life insurance does without mentioning the ugly words of life insurance made a world of a difference.” Dana George, NY (4 years in the business)

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Recommended By The Members Of The IARFC - Demystifying the Myths About Buying Life Insurance

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