Tag Archives: Life Insurance Myths

5 Myths About Life Insurance

Michael Binns Agency Philosophy

5 Myths About Life Insurance

People who are dealing with life insurance for the first time may have preconceived notions that it is something difficult to understand.

However, with the right information, and the right agent, life insurance can be easily explained, and quickly dealt with, so that you can get covered in a reasonable amount of time with the best coverage possible.

Be sure that you have a true understanding about life insurance before you decide NOT to get a policy.  A lot of the things you hear may not be true…

1) “I know I need it, but it’s just too expensive”

Life Myth 1

This is probably the most common, as well as one of the more distorted myths out there. How much life insurance costs strictly depends on the individual and the coverage that the individual desires. It is not uncommon that a life policy costs you less than a latte a day!

2) “I need to be in perfect health”

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Some people when they begin talking about life insurance get discouraged because they feel that their physical condition will prohibit them from being covered.

Now, being in good physical condition will help with a life insurance policy, and it is important to take care of oneself. However, this does NOT affect your ability to receive a life policy! Even if you, or your family, has history of heart disease, cancer, diabetes, you will not be automatically excluded from coverage opportunities!

Just because an individual is not in “perfect” physical condition does not mean you cannot get a policy where you will be properly covered.

3) “I don’t want to deal with the application process”

Screen Shot 2015-07-31 at 10.39.50 AM“Getting a policy set up will take too long. I’m just too busy and don’t have the time to deal with that right now.” Again, so often is this said, but it is so very false! You can break down the application process into 3 simple steps:

  • Needs Analysis: A 10-minute phone call with a qualified agent learning what exact needs you have.
  • Data Collection: Another 10-minute part of the phone call where the agent collects basic information about you to better find the best coverage for you.
  • Medical Exam: We will send a Farmers certified physician to YOUR home to collect vital signs. This is to, again, help us get you the best coverage possible. This process should take no more than 30-minutes, and they come to YOU.
4) “I’m young and don’t need life insurance”

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A lot of young people are not even thinking about getting a life insurance policy because they feel they don’t need one.

Not only would you be able to receive a policy, you could save a lot of money. When a person is younger they often have a less complex medical history and are in better health. These things equal one thing: a lower premium.

5) “I have a policy through work so I don’t need a personal policy”


A lot of jobs offer a life insurance option to their employees. This coverage could be great and exactly what the employee needs/wants, BUT it’s not secure.

The issue with job offered policies is the fact that they stay with the position, even if you don’t. If for some reason you lose your job your policy will be lost as well. You could go from having coverage one day and then losing it overnight… However, if you have your own policy and coverage it stays with you no matter what.

It is crucial to understand the world of insurance more in depth because there are myths and untruths out there. By better understanding what is true and what is not you can better understand what coverage you need, and the possibilities you have.

If you don’t already have a personal life policy, give your agent a call today! If you don’t have an agent, call me and let me help you learn more about the opportunities you may have!


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