Life insurance is often misunderstood. Many people think it’s only for those with dependents or large incomes, but that’s not true. Here are five key things you may not know about life insurance:
- It’s cheaper when you’re young. The earlier you buy, the lower your premium stays. Locking in a rate in your 20s or 30s saves you thousands in the long run.
- It’s not just for death benefits. Some policies include living benefits—cash value that you can borrow or withdraw during your lifetime.
- It can cover more than you think. From paying off debts to covering funeral expenses or even funding your child’s education, life insurance provides real financial flexibility.
- Term vs. Whole life matters. Term insurance is temporary but affordable; whole life is permanent and builds savings. Choosing the right type depends on your goals.
- Your job’s insurance isn’t enough. Employer-provided policies end when you leave your job. Having your own policy ensures long-term protection.
Life insurance isn’t about fear—it’s about future planning. Whether you’re single, married, or retired, it guarantees that your loved ones won’t face financial hardship when you’re gone.