Life Insurance Myths
Life insurance is one of the most important insurance policies that you can invest in since it will provide financial protection for your loved ones after you are gone. Unfortunately, many people skip out on life insurance for a variety of reasons. Knowing the truth behind these life insurance myths will help to ensure that you invest in the right amount of coverage.
- Myth – Your health does not matter. In fact, the premiums of your life insurance policy are based off of your health. If you are healthy, you are less of a risk to your insurance provider, so you will most likely see a drop in your premiums.
- Myth – Your agent will disclose their commission. The life insurance industry is one of the last industries where the agent’s commission is not completely disclosed. If you want to know just how much your agent is making off of your contract, make sure to read the contract very carefully and ask any questions that you have.
- Myth – You cannot negotiate your policy. Just like any other insurance policy that you invest in, you are able to negotiate for a better deal and lower premiums. Do not take the first offer that your agent gives you as the best deal. Shop around to ensure that you are getting the best rates and the right amount of coverage.
- Myth – Medical underwriting is a simple formality. While most life insurance agents will downplay the medical exam that is needed for your policy, it is very important. A clean bill of health from a medical professional will let your agent know how much of a risk you are considered.
For all of your life insurance coverage needs and to ensure that your loved ones will be well taken care of when you are gone, contact the insurance professionals at The Schwab Agency in Colleyville, Texas.