From Yahoo Finance: 2025-06-15 09:16:00

Life insurance is a crucial part of financial planning, but common misconceptions can make it seem out of reach. A healthy 30-year-old can secure a $250,000 20-year term life policy for just $13 a month. Employer-provided insurance may not offer enough coverage for long-term obligations like mortgages and child care.

Medicare doesn’t cover long-term care, but life insurance with a long-term care rider can be invaluable. Life insurance is necessary even if you have savings, as unexpected expenses can deplete them. Modern permanent life insurance policies can build cash value and serve as powerful tools for the living.

Applying for life insurance is now simpler and faster thanks to technology. Preexisting medical conditions like diabetes or heart conditions may not necessarily result in denial of coverage. Life insurance is not just for older individuals; it can be useful for people of all ages, especially those who have reached significant life milestones.

Term life insurance provides affordable protection tailored to short-term needs. It can ensure that your family has the financial backing they need in the event of an untimely death during your working years. Purchasing a policy early can lead to lower premiums and fewer health concerns. Term life insurance is a cost-effective option for individuals on tight budgets. Contrary to myths, both spouses should have coverage, as the non-working partner’s contributions have value. Even those without children can benefit from a policy if they support family members financially. Life insurance can provide security in unexpected situations.

Read more: 10 Life Insurance Myths That Could Be Costing You