American Legacy Solutions Debunks the Biggest Misconceptions Regarding Life Insurance

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American Legacy Solutions Debunks the Biggest Misconceptions Regarding Life Insurance

December 24
00:33 2021
American Legacy Solutions, is a financial Services firm, specializing in helping Social Security recipients structure and plan their future. They do that through helping with healthcare, long term care, estate planning and retirement planning by accessing hundreds of carriers and organizations under one roof.

Life insurance is one of the most important healthcare policies people can have – not only for themselves but for their loved ones as well. However, despite all the benefits life insurance brings about, multiple myths keep many Americans from attaining the health and financial benefits that life insurance offers. 

American Legacy Solutions has endeavored to debunk the biggest misconceptions regarding the topic, offering both logical arguments and actionable solutions in terms of life insurance options to its clients.  

The brand imparts that most misconceptions are derived from the lack of knowledge and information of what life insurance can offer. The vast majority of people are misled to believe that life insurance costs a fortune.

According to a LIMRA report, over half of the American populace overestimate the cost of coverage at more than three times its actual cost. According to statistics, a typical life insurance policy cost ranges between $10 to $20 per month for term life insurance coverage, similar to many subscription services that are offered nowadays.  

American Legacy Solutions emphasizes that all life insurance companies have different fees and that only certain firms provide services at steep costs. The element that is of more importance is the personal characteristics of each individual, such as age, known health issues, occupation, history of alcohol or drug abuse, driving record, and such. 

The second biggest misconception about life insurance is that workplace insurance is sufficient for most people. Although employees are insured while their contracts last; as soon as it ends, so does the workplace insurance. 

Additionally, most employers opt for group insurance contracts, which often provide insufficient coverage. Moreover, offshore employees normally have difficulties with insurance claims, if they are insured in the first place at all. 

The third life insurance misconception American Legacy Solutions has debunked is that ‘life insurance is too difficult to purchase’. According to LIMRA’s research, approximately 47% of the American population is reluctant to approach life insurance contracts due to complex formalities. 

Although this may have been the case several decades ago, the advancements in technology have helped automate life insurance contracts and claims, allowing people to have a clearer overview of their options and purchase the insurance in a fashion as simple as ordering cosmetics online.  

LIMRA’s report further notes that “the pandemic has accelerated the adoption of simplified underwriting. Forty-eight percent of consumers say they are more likely to buy life insurance using simplified underwriting.“ 

Finally, the biggest misconception most people have regarding life insurance is that young people don’t need it. While senior citizens are more susceptible to health-related problems, young people nowadays struggle with substantial levels of stress; the factor that was medically proven to be as devastating, if not more, than any chronic disease.  

American Legacy Solutions emphasizes that life insurance is notably less expensive when purchased at a young age and can protect one’s financial future for years to come. 

American Legacy Solutions is committed to working hand-in-hand with its customers to ensure that adequate insurance its clients can make a well-informed decision. More information about American Legacy Solutions can be found on the company’s official website.

Media Contact
Company Name: American Legacy Solutions
Contact Person: Jayson Cohen
Email: Send Email
Country: United States