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