When it comes to life insurance, the biggest question everyone has is whether it is worth it or not – and that's fair enough, to be honest. Anyone who doesn't know much about life investments and has only heard about them from friends and family is justified to be confused, intrigued, and even a little skeptical about it. After all, life insurance is an investment, and you don't want to get stuck with a wrong financial decision all your life.
According to William Schantz, the worst thing is the myths that revolve around the concept of life insurance. Since most of us believe everything we hear from our friends and family, we also tend to think about what they have to say about life insurance. And this is precisely why most people end up not getting life insurance and regret it much later in life.
Therefore, Schantz decided to debunk popular myths about life insurance to make sure everyone has the right knowledge about the policy. This will help everyone make the right decision about whether or not they should get it for themselves.
Myths About Life Insurance
Myth #: Life Insurance is Only For Adults; Young People Don't Need it
This is one of the biggest myths about life insurance which is why William Schantz decided to talk about it first. You must know that life is full of uncertainties; nowhere does it say that accidents and mishaps can only happen to older people. Accidents, illnesses, and even death are a part of life and can happen to anyone.
Moreover, even at a young age, many people have many debts, such as college debts and credit card debts – that can be extremely burdening for the family they leave behind. Hence, to avoid any risks, it is best to get life insurance as early as possible.
Myth # 2: Only Rich People Can Afford Life insurance
A very common myth about life insurance says that only rich people can afford it because of how expensive it is. While it is true that life insurance can be costly, it is not something only rich people can afford.
There are numerous life insurance plans available, and you can always customize one according to your needs and budget. You can go for a plan that works for you and get it tailor-made as well. Moreover, you can also change the terms of premium payments. For example, if paying per month is not possible for you, you can always go for annual payments.
Myth # 3: Life Insurance is Only Beneficial after Holder’s Death
Even though many life insurance policies offer death benefits, where the beneficiaries of the policyholder are paid the amount after the latter's death, there are many different types of life insurance policies. Life insurance policies also cover medical bills, educational costs, and day-to-day expenses, apart from the death benefit. According to Schantz, it all depends on the type of life insurance you pick – their sole purpose is to provide you with financial safety.
Wrapping Up
Life insurance policies are an excellent investment and can be very helpful for policyholders as well as their beneficiaries – especially in the long run. As per William Schantz, the earlier you get life insurance, the better. What matters is that you research well before signing on any policy. It is important to make sure the policy you are picking really fits your needs and budget.
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Millions of people are affected by mental illness each year.
Across the country, many people just like you work, perform, create, compete, laugh, love and inspire every day – the only difference is they are struggling on the inside.
Now more than ever, it’s important that we bring awareness to mental health issues, and acknowledge that it doesn’t always look the same for each person.
By gaining some understanding of mental illness, we can learn how to recognize it in others and offer the help and support they may need.
