While it's scary to imagine our own death, life insurance should never intimidate you. It offers financial protection to your loved ones. But many people turn away from this coverage because of things they hear in passing. Before you brush away life insurance, read these three misconceptions to see if what you heard about it was fiction.  

Life Insurance is Expensive 
The cost of life insurance varies widely, depending on many factors. Ultimately, the price of the premium is tied to an applicant's age, health income and needs. That means you shouldn’t wait to buy life insurance until much later in life, because coverage may be pricier if you apply when you’re older and have developed a health issue. 

Remember, without coverage, your passing could be even more expensive if you leave behind a legacy of unpaid debts and expenses for your family to pay. 

My Employer Covers Me 
While that may be true, employer-sponsored life insurance won't cover everything. Most of these policies have limited coverage, and they do not travel with you if you leave the company. If you're single and living paycheck to paycheck with no dependents, the coverage provided by your employer may be sufficient.  

But for instance, if you have a mortgage on a house that you share with loved ones, these unpaid debts and bank loans could cause terrible financial strain and further hardships for your family after your passing. 

I Don’t Need Coverage Because I Have No Dependents 
Whether you're single doesn't change the fact that everyone needs life insurance to cover personal debts. Otherwise, funeral costs and medical bills could go to your parents or other family members.  

Even if the money is never actually used by your family, you can donate the cash legacy to a charity or cause of your choosing by naming it a beneficiary. The people who can use the cash value of your policy will certainly be grateful. 

For more information about life insurance, contact your independent insurance agent today! 

Are you covered? Call Halkos Insurance Agency at 301-206-5464 for more information on Maryland life insurance.