Life insurance is probably not something that you’ve been thinking about. Most of us assume that we’re going to live long enough that we’ll never see or need a payout. But like other insurance policies that you have, a whole life insurance policy could be something a Hunterdon County NJ resident needs before they realize it. The team at Murray Talks Insurance wants to make sure you and your family are protected, so we have seven common misconceptions about whole life insurance that we’re going to put to rest for you.

1. I only need coverage for twice my annual salary

Something to think about when buying a whole life insurance plan is what your beneficiaries will be doing with the money when it’s paid out. The average funeral in New Jersey costs upwards of $11,000. Death can sometimes come with costly hospital bills that will also need to be settled. In addition to funerary costs and hospital bills, your family will need to continue to pay the normal bills that will continue coming in. These costs can eat up a life insurance payout quickly. Coverage for more than twice your annual salary will help to cover your family for a larger window of time.

2. My employer offers sufficient coverage

A typical whole life insurance plan offered by employers covers twice your annual salary. We’ve already established that amount is likely not enough to cover your family after passing. Additionally, an insurance plan that has been purchased through an employer is likely not portable. This means that if you ever leave your employer, you lose your coverage. When you buy your coverage through an independent agent, you have a plan for life.

3. I’m young and healthy so I don’t need it

When you’re young and healthy is the best time to buy whole life insurance. Your insurance broker can typically give you the best rate because of your health. Furthermore, accidents can happen or your health can change at any time. It’s better to buy your coverage when you are healthy so you aren’t left unprotected when you need to have your life insurance.

4. I can’t get it with my health issues

It’s still possible to get whole life insurance in Hunterdon County NJ even with health issues. Your monthly premium will likely be slightly more expensive, but you can still enjoy the security that comes with life insurance coverage.

5. I’ll set money aside instead of buying insurance

Saving money is always a good idea, but as we discussed earlier, postmortem costs for family members can be costly and potentially arrive before you’re financially prepared. A savings account is a great way to provide additional funds to your whole life insurance policy.

6. I’m a stay-at-home parent so I don’t need it

Even if you’re a stay-at-home parent, you contribute to the day-to-day operations of a home. Your family saves on childcare costs and the breadwinner is allowed to focus entirely on bringing in the family’s income. If a stay-at-home parent is to pass away suddenly, there are suddenly funerary costs, likely hospital bills, and childcare costs become part of the monthly bills that need to be paid. A whole life insurance policy can help your significant other or spouse with these costs.

7. Term life insurance is better

While term life insurance is cheaper in the now, you can end up paying out more later as your policy expires. Whole life insurance in Hunterdon County NJ lasts a lifetime and is unchanging regardless of any changes in health condition.

Schedule a call with Murray Sterner

Learn more about what Murray Sterner can do to help you find the perfect whole life insurance plan for you and your family. Schedule a call today by sending us a message or calling 609-238-6222. Murray Talks Insurance is here to help you.