One myth is that we only need Life Insurance if we have young children. The real test as to whether we need coverage is whether we have people who depend on us. That would definitely include children and any dependents. It would also include a spouse so that they could maintain a decent lifestyle on their own. It can pay funeral expenses, cover a mortgage, pay outstanding debts, and provide resources for your children’s education. And if you are a business owner, Life Insurance can protect key employees and business partners, ensuring the continuation of your business.
Another myth that many people believe is that because they have a Life Insurance policy with their employer, they are sufficiently covered. It can make good sense to have a supplemental stand-alone personal policy because if you change jobs, you lose your coverage.