Common Myths About Life Insurance Companies In Kentucky

No matter which of Kentucky's over 400 cities you live in, from Adairville to Louisville to Wurtland, you may know how important getting life insurance can be. But you may be putting it off because you think it's expensive. In fact, the prohibitive cost of this important safety net is one of the most prevalent myths surrounding this industry.

Proof of its prevalence is in the numbers; older adults tend to overestimate the cost of coverage by three times, while younger individuals tend to think it costs a whopping seven times more to be covered than it actually does. The truth is that a healthy 30 year old can get adequate coverage for as little as $150 per year. But what are some of the other common myths?  By getting some solid answers, you may find that you can afford a policy from reputable life insurance companies in Kentucky.

You Can Get Term for Less Than a Cash Value Policy

You may have heard that you can get a longer term policy for the same premiums as you would a cash value policy. But that doesn't mean it will cost you less. If you need a plan structured for a shorter amount of time, a term policy will be the cheaper option. But if you need coverage for longer, your premiums on a term policy can quickly add up, so much so that you may end up paying more in premiums than your payout will be.

You Should Always Buy a Term Policy

Contrary to popular belief, always buying term insurance and investing the difference doesn't always make sense. Although your premium payments will be lower initially, they can increase significantly as you age, meaning that the total premium of a whole-life policy may be much more affordable than a term policy's ongoing payments.

The Best Term Is a Locked-In Term

Your trusted source may have told you that the only way to get the best price and plan is to lock in for the long term. But the truth is that you will pay more at the outset in premiums. Paying more for premiums means less money going into your portfolio. As well, with premiums falling all the time, locking in your rate could leave you unable to take advantage of better deals in the future.

Finding the Right Company Begins Here

Let us help you discover all the information you need to find coverage, whether you live in Prestonville or Manor Creek. Whether you're looking for whole, universal or term life insurance, you can get the information you need to make an informed decision about the plan that's best for your family.

Our search tool will provide you with an easy-to-understand, one-page comparison of the available companies near you, and you don't need to provide any information other than your zip code to get your list of available options, which could include:

  • New York Life
  • Colonial Penn
  • Transamerica
  • American General
  • Metropolitan Life

Why Wait To Apply?

In just seconds from now, you could have a solid idea of which company is best for you and an estimate of how much you will pay in premiums. Once complete, all that's left is to choose your desired company. Why wait to give your family the financial stability they'll need? Investigate your options from available life insurance companies in Kentucky today.

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