5 Misconceptions About Life Insurance

Most new clients have some sort of preconceived ideas about life insurance. And whether or not they already have life insurance, chances are they are underinsured.


At Metroplex Wealth, we’re here to set the record straight. We work with clients daily to optimize their retirement planning near me in Southlake, Texas. Through our years of experience, here are 5 common misconceptions about life insurance that we often encounter:


  1. You Can’t Purchase Life Insurance with Health Issues.

Sure, having a preexisting condition like diabetes or high blood pressure may raise your rates, but typically, term life insurance can still be had – even if you do have pre-existing health issues. A firm for retirement planning near me can get quotes from several different companies, ensuring you receive the best rates and the best package to meet your financial needs.


  1. I Already Have Life Insurance. I’m Good.

Already owning life insurance is a great place to start! But our next question is, when was the last time you assessed your life insurance needs? Often, our life changes – we add more children, we buy a new house, we become empty nesters – but we forget to reevaluate our life insurance strategy and whether or not we have the appropriate coverage for the next stage of life. It’s also important to note that life insurance that is offered from work, while valuable, is rarely enough to provide the coverage you need.


  1. The Premiums are Too High.

At Metroplex Wealth, we think you would be surprised to learn the cost of various insurance premiums. Many clients actually overestimate the premiums on coverage! Even the premiums on a $2 million dollar policy are very affordable when you look at the big picture and securing the financial freedom of your loved ones.


  1. Singles Don’t Need Life Insurance.

Each and every client, single or not, needs to evaluate their life insurance needs. Even if you are single, there may be sound reasons for life insurance. Do you have children? Do you own your own business? Are there aging parents relying on you? The last thing you would want to do is leave someone else with a financial burden upon your death.


  1. Putting Money in Savings is Better than Life Insurance.

Proper retirement planning is based on a healthy balance between saving and insurance, with life insurance being a key component in many strategies. Often clients have the best intentions of saving, but those intentions often fall short, leaving glaring gaps in their financial security.


At Metroplex Wealth in Southlake, Texas, we look at all aspects of retirement planning near me. If you are in need of life insurance, or are unsure if your coverage aligns with your financial goals, let’s talk about it. Give us a call today to set up a consultation.


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