Debunking three big life insurance rumors: Age and smoking are not obstacles!

There are some expenses in life that we accept and factor into our daily budget. For example, medical expenses are usually inevitable, so save some money in advance. Also, cell phones have become almost a necessity, so you have to factor in the cost of that, too.

In addition, life insurance is also a necessary expense. If you haven’t considered buying life insurance before, it may be because you are troubled by some misunderstandings. You may have heard the following rumors, but in fact they are not true and should not be an excuse for you not to buy life insurance.

Myth 1: Smokers can’t buy life insurance

Smoking may make it harder to buy life insurance. And you’ll have to pay more for insurance than a non-smoker. But many insurance companies will still insure smokers, but they’ll charge more because they see a greater risk.

A 30-year-old non-smoker who wants to buy a $500,000 term life insurance policy for 20 years will pay an average of $303 per year. A 30-year-old who wants to buy the same amount of insurance but smokes will pay $828 per year. That is 2.7 times the cost of a non-smoker’s policy.

Although you have to pay more as a smoker, it does not mean that you cannot buy life insurance.

Myth 2: Young people don’t need life insurance

You may not think you need life insurance when you first start working, but that decision should depend more on your family’s situation than just your age.

For example, some 40-year-olds may not have children, spouses, or support anyone, but you may be only 23 years old and already have a spouse, children, and even a baby on the way. So don’t just look at your age, look at your family situation, and whether your family will fall into financial difficulties if you lose your income.

Myth 3: You only need life insurance if you have children

It’s true that people with children often buy life insurance, but even if you don’t have kids, you may need this type of insurance.