Laser Focus World is an industry bedrock—first published in 1965 and still going strong. We publish original articles about cutting-edge advances in lasers, optics, photonics, sensors, and quantum technologies, as well as test and measurement, and the shift currently underway to usher in the photonic integrated circuits, optical interconnects, and copackaged electronics and photonics to deliver the speed and efficiency essential for data centers of the future.

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Editorial Advisory Board

  • Professor Andrea M. Armani, University of Southern California
  • Ruti Ben-Shlomi, Ph.D., LightSolver
  • James Butler, Ph.D., Hamamatsu
  • Natalie Fardian-Melamed, Ph.D., Columbia University
  • Justin Sigley, Ph.D., AmeriCOM
  • Professor Birgit Stiller, Max Planck Institute for the Science of Light, and Leibniz University of Hannover
  • Professor Stephen Sweeney, University of Glasgow
  • Mohan Wang, Ph.D., University of Oxford
  • Professor Xuchen Wang, Harbin Engineering University
  • Professor Stefan Witte, Delft University of Technology

Think Life Insurance Is Not for You? Consider These Insights

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SPONSORED CONTENT -- (StatePoint) Life insurance can provide protection to loved ones. But experts say that common misconceptions lead many to assume this important aspect of financial planning is not right for them.

“If you think you can’t afford life insurance or are not eligible, keep in mind that there are many different types of life insurance. Everyone has unique needs, so finding a policy that addresses your circumstances is key,” says Kate Long, consumer financial wellness advocate at Assurance IQ.

To help you navigate the complexities of finding and choosing life insurance, the team at Assurance IQ is debunking some of the most common misconceptions:

Myth: It’s impossible to secure life insurance with pre-existing conditions.

Reality: While it’s more difficult to acquire certain kinds of life insurance with pre-existing health conditions, you have options. If you are denied a policy, consider enrolling in group life insurance through your employer, as pre-existing conditions may not be considered when signing up. Another option could be guaranteed issue life insurance, which can offer lifetime coverage without a medical exam or any health questions.

Myth: Retired people don’t need life insurance.

Reality: Life insurance is often viewed as a source of income replacement, but depending on your situation, you may still benefit from coverage even after you retire. For example, if you have debt, like a mortgage or medical bills, life insurance could help your family settle it in the event of your passing. It can also help fund final arrangements, relieving financial stress during a difficult time. The average cost of a funeral with a viewing and burial was $7,848 in 2021, making final expense insurance worth considering.

Myth: Buying life insurance is too complicated.

Reality: Approximately 106 million adults in the United States are underinsured or have no life insurance coverage. In a recent survey by Assurance IQ, 15% of those who are uninsured cited lack of knowledge about what kind of policy to get and 12% cited lack of knowledge around how much coverage to get as the reason they’ve elected to forgo coverage.

“Unfortunately, a large portion of today’s population remains uninsured because life insurance sales models weren’t designed to serve everyone,” says Long.

Speaking to a licensed insurance agent who sells life insurance from multiple carriers can help simplify the process. An agent can ask questions to understand your needs and deliver personalized recommendations for relevant insurance products.

Myth: Life insurance is too expensive.

Reality: Life insurance may be more affordable than you think. Term life insurance could be a great option for budget-conscious consumers who need to protect their income or pay off a debt.

For example, if you have a mortgage, you might purchase a term life insurance policy for the life of the mortgage so that your spouse could stay in your home in the event of your untimely death. You can get an estimate of what your term life insurance rates might be with Assurance IQ’s calculator at assurance.com/life-insurance/term-life-insurance-calculator.

Life insurance can be an important part of financial planning. Before you buy a policy, do your research and understand which type of life insurance is right for you.

Photo Credit: (c) Lee Edwards / iStock via Getty Images Plus

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