There are many reasons that people avoid shopping for life insurance. Sure, thinking about your death isn't a pleasant way to spend your time. Beyond that, there are many misconceptions about life insurance policies that hold people back. In fact, according to the 2016 LIMRA Insurance Barometer Study, only 17 percent of those surveyed indicated that they were planning to purchase a life insurance policy in the next year. Here are just five busted myths about life insurance and the facts on this important coverage.
Myth 1: Life Insurance is Expensive One of the biggest misconceptions about life insurance is its cost. In a previous Life Happens surveys, 80 percent of the participants overestimated the cost of a life insurance policy. This is especially the case for Millennials, who overestimate the cost by an average of 213 percent. Life insurance is surprisingly affordable. For example, a 20-year, $250,000 term policy for a healthy 30-year-old male could be as low as $13/month.