For young couples just getting started, new commitments, such as buying their first home or having children, bring with them the responsibility of making sure their loved ones are financially covered. Life insurance can help loved ones maintain their standard of living and keep your family’s plans for the future on track after you’ve passed away. Life insurance benefits can take a bit to understand, so it’s beneficial to research the myths you’ve heard.

MYTH NO. 1: I only need life insurance if I’m the primary breadwinner. Families with a single income need to assign a value to the stay-at-home individual and have coverage in case of the unexpected. According to a gobankingrates.com article, stay-at-home parents perform valuable services that equate to anywhere from $126,725 to $184,820 annually,1 and without life insurance covering these additional expenses could be devastating to a single parent.

MYTH NO. 2: If I still need protection, my savings and investments will be enough. Term insurance often protects needs that disappear over time, such as a mortgage or a child’s education. However, a whole life policy allows you to start building cash value that you can borrow from later in life to pay for things such as a home purchase, college tuition, or even to invest in a business.

MYTH NO. 3: I receive insurance through work, so I don’t need a personal policy. Life insurance coverage through an employer is often not enough to provide for your family—especially if you have expenses and debts that would fall solely on your spouse’s shoulders. Many company coverages provide a payout amount linked to your salary (typically double) and some may hold the stipulation that the policy won’t follow you if you leave. Having a personal policy may ensure a more appropriate coverage amount when you need it.

MORE MYTHS to Research: My health is too poor to get coverage. It’s only to pay funeral expenses, and I don’t want a funeral. I’m single without children, so I don’t need it. It’s too costly.

We recognize that insurance comes with a lot of misconceptions leaving you wondering if your family needs it right now. We’re available to work through your questions, discuss any myths, and get you in front of someone that can set you up with any insurance you need. Give us a call today at (603) 261-3736.


  • Adapted from GoBankingRates.com1
  • Adapted from American Family Insurance2