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There are a lot of rumors about life insurance floating around out there. We correct five of the most common misconceptions.

Life insurance can be intimidating and confusing. It can also be simple and obvious. It’s all about perspective. Any industry that is riddled with words like “lump sum,” and “level premiums,” can seem more complicated than they really are. But adequate coverage is too important to put off. Let’s talk about some myths inherent in the industry. Then, let’s debunk them!

MYTH: Life insurance is expensive!
FACT
: It’s actually less than your morning coffee.

While you might acknowledge term life insurance it’s a worthwhile purchase, you can think of a lot of more pressing places to put your money. (Hello, college debt!) When asked about the price of a life insurance policy, most people actually give an estimate that is over 3 to 5 times more expensive than the actual value is. How much do you think life insurance will cost an average 30-year-old? Do you think your annual premium will be $400, $500 or even $1000? You’re not alone, if you do. These are the most common responses. A healthy 34-year-old, for example, can expect to obtain $200,000 coverage for as little as $300 a year, that’s just 82 cents a day!

MYTH: I have to get a medical exam to get approved
FACT: You can get life insurance without medical exams

Simplified underwriting allows Lifefy to forego medical exams. This process is nearly instant. With your consent, we utilize several third-party databases and records to gather the required information almost immediately. You apply digitally without the need for any exams. We offer the simple and easy-to-use process to make your experience a breeze. You may have a variety of reasons to want to skip the medical exam, but it does not make your coverage any less worthwhile.

MYTH: I don’t really need life insurance because I don’t have kids
FACT: You probably do, and more than you think

Maybe you are in your early thirties or mid to late twenties and you might want children someday. Perhaps you’d like to wait a few years to get everything in order. Well, buying a Term Life Insurance policy right now is EXACTLY what you need to do to organize your life and financials. The healthier and younger you find yourself to be, the cheaper your policy will be! It’s a good idea to buy a decent 20-year policy right about now. You don’t have to go crazy just yet! At least take advantage of this moment when your premium will be less than the price of your cup of morning joe. You can always buy a new policy when you have children or when that term finally lapses.

MYTH: It’s mostly just for funeral expenses.
FACT: The average funeral can be quite expensive, but you need more coverage.

It’s true, your funeral is going to be costly. Depending on your family’s situation, covering funeral expenses plus debts prior to death can total more than $10,000. However, life insurance covers a range of important aspects to keep your loved ones safe, secure and content after your passing. Most people should consider getting a policy with 3 to 5 times their annual income in coverage, in addition to coverage for school loans, financial debts, mortgage and any other monetary issue that will affect those you leave behind.

All in all, it’s about being well informed. At Lifefy, we keep things simple, transparent and most importantly… affordable. Our values and principles are the key to our client satisfaction. All you have to do is start the process through our simple online engine and follow the easy steps to financial peace of mind.

MYTH: You don’t have time to go through the application process.
FACT:  You can be covered in under 10 minutes with new digital platforms.

In the past, traditional life insurance companies required an abundant amount of paperwork coupled with an application process that took days. After having to speak with their representatives or broker, you may have had to have a medical exam, or an extensive questionnaire. If this wasn’t enough, you’d have to wait for approval. With new technologies, such as Lifefy’s state of the art digital platform, you can easily attain 10, 15 or 20 years of coverage with a simplified Term Life Insurance policy with the possibility of a $30,000 to $350,000 death benefit.

MYTH: I won’t be around to see benefits, to be honest….
FACT: Complimentary riders have benefits that activate during your life.

With riders (provisions on life insurance policies that add additional benefits or upgrade existing ones), such as Lifefy’s Accelerated Death Benefit, you may receive half your benefit if diagnosed with a terminal illness. This helps minimize stress and frustrations at the end of one’s life from medical bills or other detrimental financial situations. Lifefy’s includes this rider, free of charge, with their Term Life policy. When everything seems to be falling apart, you should be able to focus on your comfort and those you love. Be Lifefy.

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