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Life Insurance Misconceptions And How Financial Advisor Can Help

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For some, life insurance is one of the least popular financial topics. Nonetheless, it’s something nearly everyone needs, and not having it when you need it may be fatal to your family’s well-being.

As we all know, life insurance is a type of policy that pays out death benefits to your beneficiaries. However, only a few people know that it’s also used for other objectives, such as saving money and being financially stable if, for some reason, you’re unable to work.

With all of its complexities, life insurance might be challenging to understand. As a result, we’ll go through some common life insurance misconceptions and how you may use them to meet your financial goals.

Misconceptions Regarding Life Insurance

Life Insurance Costs Too Much

If money is an issue, get as much life insurance as you can now and expand your coverage later. Getting life insurance is more accessible and less expensive when you’re young and healthy.

According to recent LIMRA research, 25 percent of Americans think they need life insurance, but just 10 percent plan to get it in the next year. The most prominent reason was cost, with 63 percent saying it was too expensive and 80 percent claiming it to be overpriced.

According to 25 percent of responders, a $250k 20-year level term coverage for a healthy 30-year-old would cost around $1,000 per year, while it would only cost $150.

The Insurance Provided By Your Employer Is Sufficient   

Employer-paid coverage may be sufficient for a single individual of limited means. However, if you have a spouse, other beneficiaries, or you know you’ll need coverage to pay taxes after you die. It’s better to consider investing in another insurance plan.

Another downside of relying on your employer insurance is that you lose coverage the time you quit, retire, or are fired.

Purchasing Term And Investing The Profit

While this makes sense for most people, a permanent policy may be a better option if you require life insurance for the rest of your life. To provide for household expenses or to cover estate taxes, for example.

There’s also the possibility of non-insurability, which may be devastating for individuals who require life insurance to pay their inheritance taxes. Permanent coverage, which only requires a one-time premium and lasts until death, can nullify this risk.

My Medical History Prevents Me From Purchasing Life Insurance

Several companies cover a wide variety of high-risk health issues. You may also get insurance that doesn’t need any medical underwriting. Just keep in mind that they are often costlier and have fewer coverage limitations.

While most individuals know that their medical history influences the cost of life insurance, they’re less aware of various additional factors that insurers consider before offering coverage at specific rates.

You’re Far Too Young To Be Concerned About Life Insurance

Life insurance makes sense when you’re young because the premiums are lower, and you have fewer assets to leave to your heirs. The main difficulty with delaying getting life insurance is that it’ll be too late by the time you need it.

How A Financial Advisor Can Help Strengthen Your Life Financially?

Successful lives are created if you have sound financial knowledge. You gain the ability to plan proactively for yourself and your family’s future. The reality is you would not work your entire life, which is more reason to start devising a proper financial plan for a secure future. But it is not a one-person show. It is beneficial if you had someone who could guide you better on the road to financial sustainability. You surely need a hero such as a Financial Advisor that can prevent you from undergoing the horrendous trap of economic instability. It is a hollow pit from where returning is a crucial journey.

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Before hiring a financial advisor, a better option is to take assistance from a platform that can provide authentic knowledge of every finance aspect. Where to go?

Budget University Online is one such platform that educates people about finance—from fixing your budget, saving money, or pursuing financial goals. They provide all the necessary information to people of all ages regarding the key principles and components of the entire financial structure.

It is a great platform to learn everything from managing funds, creating budgets, investments, and planning for retirement. Interestingly, retirement is one of the most common reasons that people seek out financial advisors.

Let’s discuss how a financial advisor can help you in maximizing your income and building generational wealth:

A Friend In Need

Financial advisors, otherwise known as financial planners, help guide their clients on making the correct money-related decision based on their financial status. They help keep a close track of the progress of your financial targets, devise strategies to reach targets within a designated time, advise regarding investing in the correct financial options. They even aid in creating an in-depth retirement savings plan. Overall they play a vital role in allowing you to make smart financial decisions.

Emotional Guide

We often find ourselves stuck between our emotional battles and making the correct financial decisions. And emotional interference can greatly damage your carefully planned thorough financial plan. A great advisor will guide you on the right route. When you feel scared, they will help you remind your end goal so that the focus does not debilitate.

When To Look Out For Financial Advice?

It is quite common to see people struggling all by themselves with managing their finances instead of going to a trusted financial advisor.

  • If you have sufficient investment knowledge?
  • If you have enough know-how about financial topics, wealth management, or asset management?
  • Do you have time to manage and monitor your financial progress?

Even if you can do all that, you have to give a lot of time to evaluate and research, staying apprised of upcoming financial products and policies.


Life is full of different seasons, and there can be times when you are not at your best. Such a situation can lead you to make disastrous decisions for your future. With the aim to build generational wealth and live a financially stable life, a financial advisor is your best solution. A qualified advisor is a savior to give you everything about choosing the best life insurance program, 401k retirement plan, and more. If you haven’t yet, it is time you grant a financial advisor a chance to help you build a successful future.

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