You insure your home, car, health and even have pet insurance; so why wouldn’t you insure your life and income? If you’re working hard toward a financial goal, you should think about life insurance. There are, however, some familiar excuses not to use these common sense protections. Let’s consider the big ones.

Myth 1: “Life insurance is too expensive.” – Not true. Life insurance is available for nearly every need and budget. A 35 year old male can buy $250,000 of annual renewable term life insurance coverage for less than $20 per month. For just over $100 per month, he could also purchase permanent life insurance that has a guaranteed death benefit for his lifetime.

Myth 2: “I can wait to buy insurance when I need it.” – You may think you’re saving money by delaying the purchase of life insurance but most policies let you lock in your premium so you can take advantage of lower rates when you’re younger. Rates will increase as you age, and in some instances, you may reach a point when you’re no longer insurable. So, start small to lock in rates now. You can usually increase your coverage over time.

Myth 3: “I can just do this myself.” – Okay, so that’s true, but the whole process can be much easier if you’re working with a financial professional who:

  • assesses your insurance needs, overall financial situation, tolerance for risk, and the type(s) of insurance that work best for your own unique state of affairs.
  • helps you understand insurance policies and riders, plus explains the features and benefits that are right for you.
  • may be a catalyst in the planning process, bringing together your other advisors (such as attorneys or accountants) to form a coordinated financial planning team.
  • completes the necessary forms to start the underwriting process and arranges for any tests or exams that may be required. This may include follow-up with the underwriters to facilitate the process.

Your financial professional usually delivers your policy in person, explains the coverage and answers any questions. In the event of death, that same financial professional will be a great resource to your family.


BKA Financial, LLC.

244 W. Water St., Suite 200
Elmira, NY 14901


BKA Financial, LLC.

Phone: (607) 732-3050
Fax: (607) 732-3904


BKA Financial, LLC.