Life insurance protects you and your family after your death. The benefit from a policy can cover your funeral expenses, debts and provide income for surviving family members if you were the primary earner. A lot of confusion and myths abound about life insurance.
Myth: Single, Child-Free People Don’t Need Life Insurance
One of the more detrimental myths about life insurance concerns who needs a policy. If you have children and a spouse, you definitely need a plan. But, people without kids and a spouse also benefit from having a policy, especially if they have debts such as private student loans or credit card debt.
Fact: Death Benefits Aren’t Taxed
Concern about your survivors having to pay taxes on the benefit after your death might keep you from getting a policy. But, in almost every instance, death benefits from a policy aren’t taxed.
Myth: Your Employer Will Always Offer a Policy
You might think that you can skip getting your own plan because your employer will offer one. That’s not always the case. Even if your employer does have a group policy, it might not offer sufficient coverage for your needs, meaning you’ll have to purchase a supplemental plan.
Learn more about life insurance plans available in McKinney, Texas. Contact Gant Insurance Agency today.