Myth #4: I’m single so I don’t need life insurance. Truth: Even if no one else depends on their income, single individuals are still likely to leave behind bills, credit card balances and final expenses such as funeral costs. These expenses could become an unnecessary burden on parents or siblings at a difficult time.Myth #5: My spouse doesn’t work outside of the home, so I don’t need life insurance for him or her. Truth: Nonworking spouses certainly have a need for life insurance when one considers the many contributions they make to the household, such as child care, laundry, cooking, shopping, cleaning, home maintenance, transportation and errands. Families should ask themselves, “How would I maintain our household if no one was available to take care of these activities?” Adequate life insurance for a nonworking spouse can provide the income needed to protect a family’s way of life. Myth #6: There’s no need to buy life insurance for my children. Truth: Children who die prematurely still leave behind final expenses, such as medical bills and funeral costs. And buying and keeping coverage for children while they’re young protects their insurability if they develop a health condition later in life that could make it more expensive or impossible to get coverage. Myth #7: I’m healthy — I can worry about life insurance when I get older. Truth: The cost of buying life insurance increases with age. Buying a policy when you’re young and healthy means you’ll already have the coverage you need if you develop a health condition later that could make you uninsurable. “People don’t like to think about their own death or a family member dying,” says Johnson. “But we also hate to think about leaving our loved ones to deal with financial problems at an already difficult time. Taking time to review your life insurance needs and coverage is one of the smartest things you can do to protect yourself and your family.”
For more information about voluntary group or individual life insurance from Colonial Life, call (803) 678-6599 or visit www.ColonialLife.com. Pre-existing exclusions and limitations will apply. Benefits vary by state and may not be available in all states.About Colonial Life Colonial Life & Accident Insurance Company is a market leader in providing financial protection benefits through the workplace, including disability, life, accident, cancer, critical illness and supplemental health insurance. The company’s benefit services and education, innovative enrollment technology and personal service support more than 79,000 businesses and organizations, representing more than 3 million working Americans and their families. For more information visit www.coloniallife.com or connect with Colonial Life at www.facebook.com/coloniallifebenefits, www.twitter.com/coloniallife and www.linkedin.com/company/colonial-life. 1 Trillion Dollar Baby – Growing Up: The Sales Potential of the U.S. Underinsured Life Insurance Market, LIMRA, 2010. 2 Facts About Life 2013, 2013 Life Insurance Awareness Month, LIMRA. 3 Facts About Life 2013, 2013 Life Insurance Awareness Month, LIMRA. 4 2013 Insurance Barometer Study, LIMRA, 2013.