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Think life insurance is too expensive or not important enough to justify the expense? Think again. Life insurance can be an important piece of any sound financial strategy—despite some of the misconceptions surrounding it.


Allow us to help debunk some common myths:


Myth: Life insurance is too expensive


Reality: There are many life insurance options available, at a variety of price points to fit almost any budget.



Myth: I don’t work; therefore, I don’t need life insurance.


Reality: Homemakers, parents and caretakers may not bring in an income, but their work is a valuable contribution to a family’s overall economic picture. Child and health care costs are expenses a life insurance policy can potentially cover.



Myth: I’m too young to need life insurance.


Reality: Life insurance premiums tend to be cheaper the younger you are; locking in a good rate as early as possible makes sound financial sense. Certain types of policies can accumulate cash value over time, which can be used to pay for college or wedding expenses, or other financial needs that come up.



Myth: I’m too old to need life insurance.


Reality: Certain types of life insurance can provide living benefits that might make for a more comfortable retirement. And if you don’t need it? Your loved ones or chosen charitable organizations will benefit instead.



There’s no one-size-fits-all life insurance policy. A financial professional can help you figure out what you have, prioritize your goals and offer tools and resources to help you pursue them. If you don’t already have one, let the companies of OneAmerica® help you find a financial professional near you.

Withdrawals and loans from a life insurance policy reduce the life insurance policy’s death benefit and cash value. Life insurance is not a retirement plan, investment, or savings account. Life insurance should be purchased by individuals that have a need to provide a death benefit to protect others with insurable interests in their lives against financial loss. Life insurance is not a retirement plan, investment, or savings account. Life insurance policies’ cash values are not considered liquid.