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What Life Insurance is Not

By March 26, 2020 Personal Insurance
family in the kitchen

Understanding life insurance coverage.

 

As with anything in life, there are certain misconceptions when it comes to life insurance coverage. Sure, it can be a morbid topic to think about, but that doesn’t mean you should overlook its importance. To help you understand what life insurance can do for you, be sure to know the truth behind these misconceptions.

 

Life insurance is not health insurance.

Some people confuse life insurance with health insurance or think that they are both somehow related. To be clear, life insurance and health insurance are two very different things. Life insurance is betting on your life, and health insurance is covering your health. When you die, the insurer will pay out a death benefit to your beneficiaries to help cover costs such as funeral expenses, remaining debt, and everyday living expenses. Health insurance, on the other hand, helps to cover your medical care.

 

Life insurance is not an investment.

Life insurance is primarily a risk management tool, not an investment. Although there are life insurance policies that do have an investment feature, the standard coverages do not often offer this benefit. If you’re looking to invest, there are more effective ways to build your wealth. When you’re looking to protect your loved ones and your finances, life insurance can help.

 

Life insurance is not just for healthy people.

There’s a common myth that smokers, people with diabetes, and others with health conditions are unable to get life insurance coverage. While it can be more difficult with pre-existing conditions, there are many ways to take out life coverage – and many more reasons to do so! The younger and healthier you are when you purchase coverage, the better rate you can get, but that doesn’t mean you should avoid coverage as you age or develop health issues.

 

Looking for a reliable life insurance policy for your family? Then don’t hesitate to contact the professionals at Unisource Insurance Associates in Wauwatosa, Wisconsin. Our experienced team is ready to assist you with all your insurance needs.