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