Life insurance is one of the most discussed covers in the market; nonetheless, with all its technicalities and regulations, the concept of life insurance can be tricky to figure out. Consequently, this opens up the door for a variety of misconceptions, we at Austin, TX, Rate Genius Insurance have dealt with a variety of misconceptions which this article sorts to clear.
- With money in savings, you don’t need life Insurance
It is commonly thought that savings can always take care of an individual’s loved ones after death, this is under the premise that the next of kin will be allowed to in a way to inherit the resources left behind by the diseased. Well, this is not the case because even with much savings, your family may be left with half of your savings after estate-tax payment, which can go as high as 45%. Our experts at Austin, TX, Rate Genius Insurance always advise our clients to take up Life insurance covers as, unlike savings, there is no complication in taxations and aids to guard your family against undesirable financial difficulty and stress.
- I’m Single I don’t need coverage
Most single individuals feel that they don’t need life insurance based on the notion that they have no dependents. Nonetheless, single people are recommended to have a life insurance as it aids in covering liabilities from personal debt in addition to funeral and hospital bills. When single individuals are uninsured, they stand a high risk of leaving behind a legacy of unpaid expenses that can be forced upon the next of kin; consequently, this causes extra burden in times of grief. A life insurance cover for a single person can be a good opportunity for an individual earning a low-income single to contribute to a favorite charity as well as other cause.
- Stay-at-Home Parent Don’t Need Life Insurance
The services and value of a homemaker are significantly high; subsequently, a life insurance cover for a stay home parent is a necessity. While homemakers may not bring in a paycheck, the services done are priceless and can cost thousands of dollars to replace particularly when it comes to childcare.