According to Gary Taffet, Understanding The Truth About Life Insurance is Key

PHILADELPHIA, PA, June 11, 2013

Gary Taffet, an insurance professional and consultant with Reliance Insurance Group, is issuing comment on a new article that debunks common life insurance myths. Many individuals understand the importance of a life insurance policy, but fail to separate fact from fiction when it comes to purchasing a plan for themselves. Falling victim to these myths can prevent a person from getting the best value when they make a life insurance policy decision.

Many individuals falsely believe that life insurance is out of their price range, and that they are unable to afford it. Research illustrates that people overestimate the cost of life insurance by three times the actual cost. This means that they are viewing this kind of policy as an unattainable luxury, when it is actually accessible for an average American. In general, a decent term life policy for an average man in his 30s costs somewhere between $20 and $50 each month. In some cases, the cost is even lower. This makes life insurance coverage much more affordable for many families.

Gary Taffet comments on this stating, "Many people are surprised to find out just how affordable a decent life insurance plan can be. Therefore, there is no reason why a person with children to take care of shouldn't invest in such coverage. It offers protection for the future, without causing a detriment to current finances."

In some cases, an individual will avoid purchasing life insurance because they are under the impression that their place of employment offers sufficient coverage. In reality, group policies generally do not provide the amount of protection that an individual policy offers, and may have limited benefits. Plus, should the employee get fired or leave the business, the policy disappears. Therefore, it is advisable for a worker to use a company policy as a supplemental form of insurance, but purchase their own separately too.

Many life insurance policies require the individual to pass a medical exam first, and this can deter some people from trying to obtain coverage. In some instances, a person will have been turned down due to their exam results in the past, and will hesitate to try again.

Others will feel certain that they will get denied, and therefore do not even bother applying for coverage. While the medical exams are an important part of obtaining a life insurance policy, and a person should always take care of their health, there are options that will still work with a candidate who is deemed "high risk." For those people, it is advisable to work with an expert who can help them to find a company that will work with them and provide sufficient coverage.

Gary Taffet encourages those interested in life insurance to do some research into the many available options in order to find a policy that meets both their needs and their budget.

ABOUT:

Gary Taffet is an experienced consultant with Reliance Insurance Group. He regularly works with businesses, helping them to design and implement effective insurance plans, while also ensuring that they are offering their employees proper coverage and protection. Taffet regularly serves as an advisor to HR departments on the execution and development of their benefits plans.