Life insurance is an essential part of any long-term financial plan since we don’t know what the future holds, and we don’t know when we will pass away. With a life insurance policy in place, it can completely change the lives of your loved ones whenever that time comes. Rather than being left to fend for themselves, a life insurance policy will provide your family with a safety net. The pay-out can be used to cover funeral expenses, mortgage, credit card debt, and many other expenses, and it brings peace of mind to all involved.

Unfortunately, there are many myths about life insurance that keep a lot of people from getting coverage. Here are a few of the most common myths and why you shouldn’t let them stop you from improving your family’s financial security:

You Won’t Qualify When You’re Older

Chances are you’ve heard that older adults cannot obtain life insurance. However, there are plenty of plans out there that work great for seniors. By answering some routine medical questions, and possibly undergoing a medical exam, you can get approved for a solid life insurance policy even after you turn 60. Be sure to look at all your options, because you could pay anywhere from $15 to thousands of dollars per month.

You Won’t Qualify if You Have Health Issues

This is another huge myth. In reality, as U.S.News explains, you can get a good life insurance plan even if you deal with health conditions. For example, if you have arthritis, diabetes, or high blood pressure, you shouldn’t have any problems finding a policy that works for you.

Keep in mind that your premiums might be higher and your coverage lower, but there are many providers that offer policies despite health conditions and risk. In fact, there are even companies that won’t engage in any medical underwriting when determining your policy. If you have a terminal illness, it’s possible that you could find a burial policy to help your family with funeral expenses.

It Costs Too Much

One of the biggest misconceptions about life insurance is that it’s too expensive. The fact is that most people can afford a life insurance policy, even without making too many adjustments to their budget. New York State’s Department of Financial Services explains that there are a few factors that weigh into the cost: life expectancy, interest earnings from your premiums, and the company’s internal expenses. If you don’t find a policy at your price point with one company, shop around. With a little looking, you can get the coverage you need at a budget-friendly price.

You Don’t Need It

This one might top all of the myths. The truth is that everyone would do well to have life insurance, even if for the simple fact that life is unpredictable. Maybe you’re young and healthy, and you feel invincible. So why not wait until you’re older to get life insurance? For one, it gets more expensive as you age; so if you secure a plan now, you will pay much less in the long run. For another, you’re not invincible, and you never know when an accident may occur.

Maybe you’re single and don’t see the need for life insurance. However, what if you want to get married one day? What if you have kids? What if your parents end up becoming financially dependent on you? Life insurance is good for everyone.

There are many other misconceptions about life insurance, so keep an open mind and don’t let any of them prevent you from getting the coverage that can change the lives of your loved ones for the better. Life insurance is all about financial security for the people you care for most. Start looking into your options today so that you can find a policy that fits your needs and budget.

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This article is a guest appearance from Nicole Rubin from Insureabilities.com.

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Investment Advisory Services offered through Shankland Financial Advisors, LLC, Registered Investment Advisor