For young couples just getting started, new commitments, such as buying their first home or having children, bring with them the responsibility of making sure their loved ones are financially covered. Life insurance can help loved ones maintain their standard of living and keep your family’s plans for the future on track after you’ve passed away. Life insurance benefits can take a bit to understand, so it’s beneficial to research the myths you’ve heard.
MYTH NO. 1: I only need life insurance if I’m the primary breadwinner. Families with a single income need to assign a value to the stay-at-home individual and have coverage in case of the unexpected. According to a gobankingrates.com article, stay-at-home parents perform valuable services that equate to anywhere from $126,725 to $184,820 annually,1 and without life insurance covering these additional expenses could be devastating to a single parent.
MYTH NO. 2: If I still need protection, my savings and investments will be enough. Term insurance often protects needs that disappear over time, such as a mortgage or a child’s education. However, a whole life policy allows you to start building cash value that you can borrow from later in life to pay for things such as a home purchase, college tuition, or even to invest in a business.
MYTH NO. 3: I receive insurance through work, so I don’t need a personal policy. Life insurance coverage through an employer is often not enough to provide for your family—especially if you have expenses and debts that would fall solely on your spouse’s shoulders. Many company coverages provide a payout amount linked to your salary (typically double) and some may hold the stipulation that the policy won’t follow you if you leave. Having a personal policy may ensure a more appropriate coverage amount when you need it.
MORE MYTHS to Research: My health is too poor to get coverage. It’s only to pay funeral expenses, and I don’t want a funeral. I’m single without children, so I don’t need it. It’s too costly.
We recognize that insurance comes with a lot of misconceptions leaving you wondering if your family needs it right now. We’re available to work through your questions, discuss any myths, and get you in front of someone that can set you up with any insurance you need. Give us a call today at (540) 720-5656.
- Adapted from GoBankingRates.com1
- Adapted from American Family Insurance2
Amy Anderson joined the ILG Financial team in 2023 as the client relations coordinator. Her responsibilities include scheduling of appointments, annual check-up notifications, and annuity and required minimum distribution assistance. She is a graduate of Harding University with a degree in Computer Information Systems. Amy and her husband have two children and she enjoys reading, crocheting, music and spending time with her family.
Chase Lopez joined the ILG Financial team in 2020 as an advisor. Chase is a 2016 James Madison University graduate with a degree in management. Chase has been trained under the tutelage of Dave Lopez, who is not only the founder and managing member of ILG Financial, but also is Chase’s uncle and godfather. He also enjoys working alongside his cousin, Megan, who is Dave’s daughter. Chase, as a fiduciary, believes in putting his clients interests first, and building out plans for his clients where they can have a happy and fruitful retirement. He married his beautiful wife in February 2022 and both use most of their free time chasing around their little pup, Aurora.
Jessica Carson joined the ILG Financial team in 2018 as an agent. Jessica and her husband have four children, two dogs, 3 barn cats, 5 chickens, and three parakeets. She indeed loves her children and pets! When not at work, Jessica enjoys playing the piano and cello as well as traveling and spending time outside with her family, hiking, fishing, and boating.
Terri Center joined the ILG Financial team in 2019 as client services manager. She handles client records, application processing, and gathering information to provide a professional and friendly experience with all of our clients. Terri is a graduate of Oakland University. She is married and has two children. She enjoys hiking, family time, and puzzle challenging video games. She also likes to share her creativity in her canvas paintings and sewing projects.
Megan Jones joined the ILG Financial team in 2020 as marketing director. Megan and her husband live in Fredericksburg, VA with their German Short Haired Pointer, Gus. Megan is a graduate of Longwood University and holds a degree in communications. Megan is the oldest of Dave Lopez’s three children and not only enjoys working alongside her father, but also with her cousin, Chase, who joined the ILG Financial team in 2020 as an advisor. When not at work, Megan enjoys sitting on the back porch with family and friends enjoying food and music.