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    7 Life Insurance Myths Debunked

    Posted: September 19, 2019

    Many people lack a strong understanding about life insurance.  It is not something most of us learn in school but it is one of the cornerstones of financial planning and protecting our loved ones.  The following are 7 Life Insurance myths debunked.

    Myth 1: Life Insurance Costs Too Much.

    It is less than you think!  Many people will not buy Life Insurance because they feel they overestimate the cost of a policy. Costs depend on a number of factors, including your health, age, tobacco use, and gender.  As one example, a healthy 35-year-old male can expect to pay about $20 per month for $250,000 on a 30-year term.

    Myth 2: I’m Single And Young, So I Don’t Need Life Insurance.

    Even single people need at least enough life insurance to cover the costs of debts, medical and funeral bills. If you are uninsured, you may leave behind unpaid expenses for your family. The earlier you buy life insurance, the better. The premiums are cheap because age and health is in your favor.  

    Myth 3: My Term Life Insurance Coverage At Work Is Sufficient.

    This one comes up A LOT.  You should know in most cases; coverage goes away if or when you leave your employer.  This means if you quit, get fired, or RETIRE you will lose the coverage.  Put that in perspective with the premium quoted in Myth #1 and you’ve just cost yourself significantly more in premium.  Most people retire in their 60’s.  That same estimate quoted in Myth #1 will now cost $105 per month for a 20-year term vs the 30-year term. 

    Also note, the amount of coverage is generally restricted to 1–2 times the salary, which in most cases wouldn’t be sufficient to meet the expenses of dependents in case of the unfortunate incident of death.   

    Myth 4: Only Breadwinners Need Life Insurance Coverage.

    The cost of replacing the services formerly provided by a deceased homemaker can be higher than you think.  Insuring against the loss of a homemaker may make sense, especially when it comes to cleaning and daycare costs.  Put into perspective some of the responsibilities of the homemaker…getting kids dressed, fed, off to school, back from school, off to extra-curricular activities, cleaning, homework, and dinner. 

    Go to www.care.com for an estimate of these services.  The average costs range from $15-$20 per hour, costing you $2,400 per month for a typical 8-hour day.  Wouldn’t it be easier to buy a life insurance policy for $20 per month?

    Myth 5: I Have Existing Health Issues. I Cannot Get Life Insurance.

    There’s more to it!  There are a number of other variables that insurers look at before offering coverage at certain rates for specific health problems. Although premiums may be slightly higher, most life insurance companies are willing to offer you coverage if you are suffering from conditions like diabetes, high cholesterol and arthritis. Past history of cancer; no problem. Depending on the stage and how many years in remission, you can qualify for a standard rate!  The point is, it doesn’t hurt to ask.  Most carriers provide pre-screening which allows an agent to get an idea if the carrier will offer coverage and at what cost before submitting an actual policy. 

    Myth 6: It’s Only Good For Funerals & Inheritances.

    That’s just not true! An unfortunate stigma attached to life insurance is that of death. Traditionally, people bought life insurance for its death benefits, and these benefits are why many still do. But, life insurance offers several living benefits

    • Cash value could be used to supplement retirement income
    • Help pay for college tuition
    • Benefits paid from life policies aren’t subject to tax.
    • Immediate expenses such as medical bills, taxes, loans
    • Payoff mortgage debt
    • Payoff student loan debt

    With more parents being listed as a co-signor for student loan debt, many people purchase a term life insurance to cover the debt for the length of the loan.  This way, should the unexpected happen, the parent is not stuck holding the debt.

    Myth 7: Buying It Online Is Easier & Cheaper.

    Not always. We know you like to bargain hunt and purchase select products at lower prices online, but buying Life Insurance should not be one of them.

    You can take on more risk with online policies, often being charged higher premiums. Moreover, online insurers may add specific terms and conditions in that could limit the policyholder’s current or future benefits. Using an experienced Insurance Broker can help get you the policy that best suits your needs plus making it easier and less stressful.  

    These are just some of the key myths that people have about Life Insurance.  I can help you understand more of the key benefits of Life Insurance such as how it can fit any budget and help you and your family.

    Have questions about Life Insurance? 
    Contact me at 708-444-0050 or click below

    Protect the Ones You Love with Life Insurance

    Posted: February 17, 2019

    Looking for a new way to say “I love you” this Valentine’s Day?  It’s called “love insurance.” We buy it to protect the ones we love.  Sometimes the best gift can’t be seen. Show your love by giving something that is Meaningful, Memorable and Enduring

    You may ask what does Life Insurance have to do with love. They are closely linked to each other.  You buy life insurance when you truly love the person you bought it for?  You may not be around to see or experience the benefits your life insurance purchase has provided to your loved ones. It is the ultimate act of enduring love, lets loved ones know that you care so much that you’ve made plans to provide for their well-being even after you’re gone.

    Don’t wait until it is too late!  Life Insurance does not cost a lot and it is easy and fast to set up a policy. Aren’t your loved ones worth it?

    #InsureYourLove now. 

    Contact Kelly at 708-444-0050 or fill out sign up form to get a free consultation to see how you can protect the ones you love with Life Insurance.

    Who needs life insurance and how much life insurance do I need?

    Posted: July 31, 2013

    Those are probably the two questions I get asked the most on this topic. Many people don’t want to plan for that unfortunate loss of a family member, but avoiding the hard realities of life may leave your family with negative financial consequences in the future.

    Life insurance is there as a “safety net” for your family so that they would not suffer financially if you were to die. Anyone that relies on someone financially should have a life insurance policy. Life insurance is the one policy that is guaranteed to pay out one day. According to MSN, “40% of households with children under 18 say that they would have trouble paying their living expenses immediately if the primary breadwinner passed away.” Yet 30% of Americans don’t have life insurance, according to MSN!

    In order to know how much you need there are a few ways that you can go about finding that out.
    *CNN Money says that one rule of thumb is to purchase enough coverage to replace 5-7 years of your salary or 10 years if you have children. That’s not always the case with everyone.
    *Evaluate all of your family’s needs while taking into consideration all of your debts (i.e. house, auto loans, credit cards, etc.). Add up your total debts and take out an insurance policy for that amount at a minimum. That way your family at least has peace of mind knowing that the bills will be covered. Either way is a great idea, but it all depends on what each family can afford financially.

    If you have more questions about life insurance or would like a no obligation review, please feel free to contact me so we can discuss how to protect your family’s future.

    Did you know how affordable life insurance is?

    Posted: September 22, 2011

    Life Insurance Awareness Month is coming to an end. This is the time to review your life insurance situations…What will your family do if the primary wage earner dies? What assets are you willing to give up to make ends meet? These are questions that many people don’t think about until it is too late.



    Feel free to email or call me with any questions or comments about my services or if you have any insurance related inquires.


    Phone: 708.444.0050
    Email: kelly@kellyburkeinsurance.com


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