Life insurance is more than just financial security for your loved ones upon your death. It has a multitude of uses for you while living. If you haven’t considered life insurance or it’s been a while since you’ve looked at your policy, here are a few things to consider that may clear some misconceptions and dispel some common myths.
Misconceptions and Myths
- Life insurance is too expensive. In fact, it can be surprisingly affordable. The industry has learned its lesson and created affordable options for every lifestyle and income base. Depending on your circumstance, buying a 30-year term policy could cost less than a food delivery order or an Uber ride.
- It has no value to me while I’m alive. Not true. There are two main types of life insurance: term and permanent. Both come with living benefits you can use during your lifetime. A life insurance policy may be able to help with debt, long-term goals, or retirement. Talk to a licensed advisor to learn more.
- I won’t qualify because of my health issues. Health conditions don’t necessarily mean you won’t qualify for a policy. If your health issue is under control, there may be policies that can serve you. While they often have higher rates and lower limits, they provide coverage.
- My employer provides life insurance. I’m covered. Even with this benefit at work, it may not cover your needs. Read your policy carefully or talk to one of our advisors, who can help you determine where you may have gaps in coverage. Keep in mind if you leave your job, you may lose your life insurance, and if your health declines, you may become ineligible to purchase a policy later.
- I don’t have dependents/I’m not the breadwinner… so I don’t need it. Even if you’re single, you probably have bills and accumulated debt that could be passed to your loved ones. If you’re single now, it doesn’t mean you will be in the future. You may want to take advantage of lower rates now. If you are a stay-at-home partner, maintaining a household and providing childcare can be expensive. Adult contributors to a household should both consider life insurance.
“One of the special benefits we can offer our TDECU Members is access to many different types of insurance – everything from life, home, health, auto, pet, business, and even event insurance through skilled and licensed insurance agents at the TDECU Insurance Agency, LLC.”
--Toni Keith, Director – Insurance and Holdings Relationships
We Can Help
Whether you are a current Member or are just looking to explore insurance options, you can count on TDECU to be there. Get a quote today or talk to one of our experienced and licensed insurance professionals about the products and options available by calling (888) 833-7358 or emailing us at insurance@tdecuinsurance.org
Insurance products are not deposits, not NCUA insured, and not guaranteed by TDECU Insurance Agency, LLC or Texas Dow Employees Credit Union (TDECU).