You\u2019ve thought about life insurance but find that it keeps lingering on your to-do list. Sound familiar? There are several reasons why you may be holding off on completing this important purchase, and some of them might be common life insurance myths. Read on to see which reasons hold weight and which you might want to reconsider.<\/p>\n\n\n\n
Eight out of ten American massively overestimate the cost of life insurance.* Many worry that life insurance may not fit into their monthly budget. But you would probably be surprised to see just how affordable term life insurance can be. The best way to see for yourself is to get an instant, free quote. A no-obligation application only takes a few minutes with Ladder<\/a>, and if you change your mind, you can cancel without fees or penalties at any time. In fact, getting life insurance with us can even save you money<\/a> overtime.<\/p>\n\n\n\n When you\u2019re young and healthy, the most likely cause of death isn\u2019t illness, it\u2019s being involved in an accident. So if you have people who depend on you, it\u2019s important to have basic life insurance in place to protect your family in case of an unexpected death. An added benefit? Locking in a good rate while you\u2019re young and healthy is a fantastic way to save money long term. When you are young and healthy you are a lower risk to insure, so your monthly price can be much lower compared to someone older than you.<\/p>\n\n\n\n The life insurance coverage you have through work likely covers 1-2 times your annual salary or caps out at a fixed amount, whereas experts recommend carrying at least 10 times your annual salary, depending on your circumstances. Getting more life insurance, on top of what you have from your employer is a smart move because it can move with you, even if you leave your job. If you want to investigate how much coverage makes sense for your family, consider using our free online calculator<\/a>.<\/p>\n\n\n\n It\u2019s easy to put off getting life insurance, but it\u2019s also important to keep in mind that the older you get, the higher your costs will be. So it\u2019s a good idea to take care of getting life insurance sooner, rather than later, locking in the lowest rate possible. Also, since your health today affects how much you pay, getting it earlier can avoid paying more if your health were to get worse.<\/p>\n\n\n\n Like auto or home insurance, term life insurance isn\u2019t an investment product – it only pays out when there is a claim. This is by design, to make it the most affordable way to mitigate risk and ensure that your family\u2019s financial future is taken care of, if the worst should happen. By not having a cash value or \u201cmoney back\u201d option on your term life insurance, your costs are far lower than if those bells and whistles were included. Plus, most term life insurance offers a guaranteed level price for the entire term of coverage, locking in the best value while you\u2019re younger and healthier.<\/p>\n\n\n\n This was true, until recently. Today, Ladder<\/a> is the easy way to get life insurance done. In the old days, getting life insurance in place took months, because of mountains of paperwork, agent meetings and slow decisions. But times have changed. Now, you can apply for life insurance<\/a> and get it checked off your list in less than 10 minutes.<\/p>\n\n\n\n Salary.com estimates the value<\/a> of a stay-at-home parent\u2019s contributions at almost $115,000 per year. If something were to happen to you, your partner would need to both work and take care of the home at the same time. So he or she would most likely need help with childcare, cleaning, transportation and more. Even if you\u2019re not the breadwinner of the family, getting a policy in place will help your spouse keep the family ecosystem running smoothly in your absence.<\/p>\n\n\n\n A good life insurance company should have a strong financial rating that makes you feel confident in their ability to honor claims. For instance, Ladder<\/a>\u2019s policies are issued by Fidelity Security Life Insurance Company, which has been “A” rated (Excellent), based on an analysis of financial position and operating performance by A.M. Best Company, an independent analyst of the insurance industry. Further, they are backed by Hannover Life Reinsurance, the third largest reinsurer in the world. Make sure to check who is providing the insurance coverage and what they are rated before committing.<\/p>\n\n\n\n Step one is to figure out how much coverage you actually need. The easiest way to do this is with a simple and free online calculator<\/a>. Applying only takes a few minutes with Ladder<\/a>, and you\u2019ll likely be surprised by how affordable life insurance can be. Ladder also allows you to cancel, apply for more coverage, or reduce your coverage, whenever you like – without any fees\/penalties, mountains of paperwork or agent involvement. If you have any additional questions about your coverage needs, please feel free to contact us<\/a>. Our goal is to ensure that managing your life insurance is as easy as can be.<\/p>\n\n\n\n *Source: Average Middle Marketing Debt and Retirement Planning (LIMRA, August 2014)<\/em><\/p>\n","protected":false},"excerpt":{"rendered":" You\u2019ve thought about life insurance but find that it keeps lingering on your to-do list. Sound familiar? There are several reasons why you may be holding off on completing this important purchase, and some of them might be common life insurance myths. Read on to see which reasons hold weight and which you might want to reconsider. 1. \u201cLife insurance is too expensive.\u201d Eight out of ten American massively overestimate the cost of life insurance.* Many worry that life insurance may not fit into their monthly budget. But you would probably be surprised to see just how affordable term life insurance can be. The best way to see for yourself is to get an instant, free quote. A no-obligation application only takes a few minutes with Ladder, and if you change your mind, you can cancel without fees or penalties at any time. In fact, getting life insurance with us can even save you money overtime. 2. \u201cLife insurance is for older people. I\u2019m young and healthy.\u201d When you\u2019re young and healthy, the most likely cause of death isn\u2019t illness, it\u2019s being involved in an accident. So if you have people who depend on you, it\u2019s important to have basic life insurance […]<\/p>\n","protected":false},"author":3,"featured_media":407,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"spay_email":""},"categories":[103],"tags":[7],"jetpack_featured_media_url":"https:\/\/i1.wp.com\/ladderlife.com/blog\/wp-content\/uploads\/2017\/10\/Blog_Common-Myths-e1509394296678.jpg?fit=1920%2C1280&ssl=1","yoast_head":"\n2. \u201cLife insurance is for older people. I\u2019m young and healthy.\u201d<\/strong><\/h3>\n\n\n\n
3. \u201cI have a life insurance policy through work, so I don\u2019t need more.\u201d<\/strong><\/h3>\n\n\n\n
4. \u201c I\u2019ll take care of it later.\u201d<\/strong><\/h3>\n\n\n\n
5. \u201cIf nothing happens to me and there\u2019s no payout needed, life insurance is a waste of money.\u201d<\/strong><\/h3>\n\n\n\n
6. \u201cIt takes too long to get it done.\u201d<\/strong><\/h3>\n\n\n\n
7. \u201cStay-at-home parents don\u2019t need life insurance.\u201d<\/strong><\/h3>\n\n\n\n
8. \u201cRatings of life insurance companies don\u2019t really matter.\u201d<\/strong><\/h3>\n\n\n\n
Ready to get life insurance checked off your list?<\/strong><\/h3>\n\n\n\n