Common Myths About Life Insurance

Life insurance may seem confusing and complicated, given the many types of coverage, insurance providers, and insurance policies. If you are currently looking for a life insurance policy, it is important to research all the options available and to understand myths and misconceptions about this type of insurance:

Myth 1: Life Insurance Is Too Expensive

According to the study conducted by a worldwide insurance research organization, almost 85% of consumers misjudge life insurance costs. They believe that life insurance is too expensive to get. However, the reality is that not all life insurance policies are expensive. Term life insurance, for example, is one of the most affordable options for life insurance. 

Myth 2: If You Are Not a Breadwinner, You Do Not Need Life Insurance

Even if you are a stay-at-home parent, it is still important for you to carry life insurance because of the number of jobs you do, including cleaning, cooking, providing child care, etc. If you suddenly pass away, your family may struggle financially because they will have to pay someone to take over the above-mentioned duties. 

Myth 3: Young People Do Not Need Life Insurance

Even young people need life insurance, and there are life insurance policies covering people of all ages. It is actually better to purchase a life insurance policy when you are young because the premium rate is lower for young people. Moreover, it is impossible to predict the duration of someone’s life, so it is important to be prepared.

Let OFS Insurance Agency LLC Serving Clinton MS Help You

If you live in Jackson, Clinton, MS, or any other surrounding town, and you are shopping for life insurance, OFS Insurance Agency LLC is ready to assist you. No matter what your needs are, our agency will help you find coverage based on your needs and budget. Our professional and experienced agents in Clinton, MS are ready to work with you and answer all your questions. All you need to do is to give us a call for more information. 

 

 

Reasons You Need Life Insurance Even If You Don’t Think So

Most people in Jackson and Clinton, MS aren’t thinking about life insurance when they are young but it can often be the best time to purchase it. There are many reasons why you may need life insurance, even if you don’t think you do.

  • You Are Having a Baby: If you are having a baby in the next year, now is the time to buy insurance. If this change will mean going from two incomes to one then it’s even more important to set up a financial safety net.
  • You Are Getting Married: This life change can mean someone else is relying on your income.
  • You Are Supporting Aging Parents: The usual rule is that if someone else relies on your income then you need life insurance. This usually means a spouse or children but it can also mean your aging parents.
  • You Have Debt: When you decide how much coverage to get with an agent at OFS Insurance Agency, LLC, consider your total debt amounts. This means that whoever receives the money after your death has enough to pay off outstanding balances. Federal student loans can be forgiven but private loans may not be, especially if there is a co-signer.
  • You Are Self-Employed: Life insurance is important if you are a small business owner. If you set up a buy/sell agreement policy then employees get paid in your absence. You can also use life insurance as collateral when you secure a small business loan.
  • You Have a High-Risk Job: While life insurance companies do consider your occupation, it’s still important to be protected if you have a high-risk job. Jobs in construction, firefighting, natural gas, aviation, oil, and mining are worth having the policy.
  • You Have Extreme Hobbies: If you are a thrill-seeker then you may pay more for life insurance but it’s worth the cost considering the likelihood of injury with some hobbies. Extreme hobbies can include scuba diving or rock climbing.

Contact OFS Insurance Agency, LLC in Clinton, MS to get a quote on life insurance.