ERIE, Pa., Sept. 23, 2021 /PRNewswire/ -- Life
insurance. It's something that most people need, but a topic that
no one wants to discuss, leading to many misconceptions.
To help you make sense of it all this National Life Insurance
Awareness Month, Erie Insurance debunks five common myths.
- I'm single; I don't need life insurance. Most people
think life insurance is more necessary for married people than for
singles. But even if you're single and don't have children, you may
still leave behind loved ones who would have to pay your debts. For
example, if you have a cosigner on a loan, he or she would be
responsible to pay it back. Life insurance can provide peace of
mind by potentially paying off any remaining debt. Or, if you want
to leave money to a charity, life insurance can help ensure your
wishes are carried out.
- It's too expensive. Cost is one of the top reasons
people don't purchase life insurance. According to the Insurance
Barometer Study, 66% of respondents said it's too expensive. The
same consumers overestimated the price by more than three times the
actual cost. With Erie Family Life, a $250,000 life insurance policy could cost less
than $15 a month. Millennials can get
an even bigger break by purchasing while they're still young.
Premiums are typically less expensive since they're generally
healthier and have fewer assets.
- My employer provides life insurance; I don't need my
own. While it's great to have coverage through an
employer, it often isn't enough. Plus, if you take another job,
your policy may not be transferable.
- I'm a stay-at-home parent. If you're not the breadwinner
in your household, you may think your family doesn't depend on your
income. Regardless of whether it's a mom or a dad, stay-at-home
parents add to a family's bottom line in a big way. In addition to
footing the bill for the mortgage, car and credit card and funding
any college and retirement funds, the surviving spouse will likely
need to pay for more childcare, buy more prepared meals and hire
more household help. Luckily, even a small amount of life insurance
can help in these sorts of situations—so no excuses about not being
able to buy a big policy.
- I don't have the time to research this or sign
up. Your Erie Insurance agent can quickly walk you through
the process to identify what you need and your options, as well as
explain the terms. Think of your agent as a trusted partner who
will keep an eye on how your policy is keeping up with your life.
Plus, the application is quick and some don't require doctor's
visits or complicated forms.
Bottom line: most people could benefit from life insurance, but
it's not a one-size-fits-all scenario. The amount needed really
depends on individual circumstances. To protect those who matter
most, check with your Erie Insurance agent to make sure you get the
right coverage.
About Erie Insurance
According to A.M. Best Company, Erie Insurance Group, based in
Erie, Pennsylvania, is the 12th
largest homeowners insurer, 13th largest automobile insurer and
13th largest commercial lines insurer in the United States based on direct premiums
written. Founded in 1925, Erie Insurance is a Fortune 500 company
and the 16th largest property/casualty insurer in the United States based on total lines net
premium written. Rated A+ (Superior) by A.M. Best, ERIE has more than 6 million policies in force
and operates in 12 states and the District of Columbia. News releases and more
information are available on ERIE's website at www.erieinsurance.com.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/5-life-insurance-myths-busted-301384161.html
SOURCE Erie Insurance Group