| Myth #1: Hey, You're Paying the Premiums... | | | | the questions you have. |
| Insurance Should be Bought and Used for Every | | | | Myth#7: I Don't Need Disability Insurance... If I |
| Accident and Disaster. | | | | Become Disabled Social Security Will Take Care of |
| Insurance is designed to protect one from | | | | Me. |
| catastrophic disasters. An insurance rule of thumb: | | | | Don't count on Social Security to take care of all |
| If you can pay for the loss or damage without a | | | | your needs if you become disabled |
| financial hardship then pay it, otherwise expect | | | | If you are able to get Social Security for your |
| your insurance premium to eventually show an | | | | disability (not all get approved to receive disability |
| increase. Also, buying every type of insurance | | | | benefits so don't assume you will) then you will still |
| just isn't necessary. Sometimes the risk is worth | | | | have to wait months before you receive benefits |
| taking rather than paying a premium. Learn more | | | | and your disability needs to be long-term to |
| at Don't Buy Insurance You Don't Need | | | | qualify. And even if you qualify for benefits, will it |
| Myth #2: If I am Alive, I Must Need Life | | | | match your current salary? Probably not. Find out |
| Insurance! | | | | more why disability insurance is important at |
| Life insurance is designed to take care of one's | | | | Considering Disability Income Insurance. |
| dependants after the caregiver's death. If you | | | | Myth #8: If I Need to Stay in a Nursing Home |
| have no dependants, then you probably don't | | | | When I am Older, The Government Will Pick Up |
| need life insurance. | | | | the Bill. |
| This includes children and retired persons... usually | | | | Again, don't count on Medicare or Medicare |
| they don't have people that depend on their | | | | Supplemental Insurance to pick up the bill. If you |
| income so life insurance for these groups can, in | | | | can qualify, Medicaid may pay up to half of the |
| rare instances, be beneficial but is usually | | | | cost. Choosing long term care insurance can help |
| unnecessary. | | | | you pay for the costs of a nursing facility or |
| Myth #3: I'm the Breadwinner in the Home, So | | | | home care if the need arises. Also, do you really |
| Only I Need Life Insurance. | | | | want your family to have to pick up the bill if you |
| Have you seen the cost of childcare lately? Add | | | | acquire a long term illness or disability? Long Term |
| that along with housekeeping, food preparation, | | | | Care Insurance is a great option and if started |
| home accountant, and school transportation. From | | | | early in life the premiums can be very reasonable. |
| that list alone one can see how much a spouse | | | | Find out more at Who Should Consider Long |
| really contributes to the household budget. It is | | | | Term Care Insurance? |
| estimated a non-working spouse contributes at | | | | Myth #9: Umbrella Insurance Coverage is Just for |
| least, but usually more, the equivalent of a full | | | | Rich People. |
| time job. For this reason it is important to buy life | | | | Umbrella insurance is not just for the wealthy. |
| insurance for everyone in the household if the | | | | With the common occurrence of lawsuits, |
| absence of their income would cause a financial | | | | umbrella insurance is a must for every home, |
| hardship. | | | | auto, and watercraft owner. Umbrella insurance is |
| Myth #4: Whole and Universal Life are the Best | | | | designed to give one added liability protection |
| Life Insurance Choices Since I Can Get My Money | | | | above and beyond the limits on homeowners, |
| Back. | | | | auto, and watercraft personal insurance policies. |
| Term life insurance is probably the best choice for | | | | With an umbrella policy, depending on the |
| most. Term life is set for a specific term, like | | | | insurance company, one can add an additional 1-5 |
| 10-30 years, with a much lower premium than | | | | million in liability protection. Learn more about |
| whole and universal life. Your best bet? Buy term | | | | umbrella insurance at Why Every Policyholder |
| life and invest the premium difference in a | | | | Needs Umbrella Insurance |
| retirement account. Lean more about Term, | | | | Myth #10: People Who Decide not to Purchase |
| Universal, and Whole Life at Life Insurance Policy | | | | Health Insurance Don't Affect Others. |
| Basics. | | | | People who choose not to purchase health |
| Myth #5: Flood Insurance is Only for People Who | | | | insurance eventually affect the lives of every |
| Live in a High Risk Area. | | | | American. There are many reasons why some |
| Everyone who lives in a National Flood Insurance | | | | Americans are uninsured. Regardless of the |
| Program area is eligible and can buy flood | | | | reasons, having so many uninsured individuals |
| insurance. These areas are not always prone to | | | | drives up the cost of goods when people get sick |
| floods so even if you think your area is low risk | | | | and cannot do their job. In addition, when many |
| you may be eligible. Check with your insurance | | | | people in a company choose not to purchase |
| agent to learn more or find additional information | | | | health insurance, it sends a message to the |
| at Why didn't my policy pay for damage caused | | | | employer that health insurance may not be an |
| by a flood? | | | | important benefit which in-turn could cost other |
| Myth #6: My Son Uses the Car for Delivering the | | | | workers a loss of their health insurance benefit. |
| Newspaper and His Pizza Delivery Job. He's Not | | | | Also, when healthy people choose not to be a |
| Self-Employed So Our Auto Insurance Will Cover | | | | part of their company's health insurance pool, it |
| Any Accidents. | | | | raises the costs for everyone else because the |
| If your vehicle is used for anything but personal | | | | risk is spread through less people. And, when |
| use, then you will probably need to extend your | | | | people make such low wages that they cannot |
| personal auto policy to cover business use of | | | | afford health insurance, the number of people |
| your vehicle. Don't think just because you were | | | | eligible for Medicaid rises (which is paid by your |
| unaware of your coverages this will get your | | | | tax dollars!). For these reasons, many have |
| accident paid for--your insurance policy is a | | | | encouraged the government to switch to a |
| contract that you agreed to adhere to. If you | | | | Universal Health Care System where the |
| don't understand all the coverages in your | | | | government would help manage health care. Learn |
| contract you need to contact your agent about | | | | more at What is Universal Healthcare? |