Life insurance is an important part of a well-rounded financial plan. But let's face it � it can also be confusing. In fact, misunderstandings about life insurance cause many people to skip the coverage altogether, putting their families at great risk for financial hardship. Here, we set the record straight on seven common myths about life insurance. Myth 1: Single and young people don't need life insurance. Truth: Your key question should be: Will anyone be worse off financially if I die? Even if you have no dependents, you might leave behind credit card debt, student loans, a car payment or funeral expenses. A small life insurance policy would cover these costs. Moreover, buying while you're young can help you lock in lower rates and guarantee coverage if you develop health problems later in life. Myth 2: Only people with kids need life insurance. Truth: Chances are your spouse depends on your income, regardless of whether you have children. Could he or she manage to pay ...
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