8 Myths About Life Insurance That Surprised Most Dads

How would you protect your family if the unthinkable happened? Life insurance is still among the best ways for husbands and fathers to bring protection and peace of mind to their households. Although husbands and wives are more likely to both earn full-time incomes, men's paychecks still tend to be more critical for paying the mortgage, car payments and other expenses. There's even more at stake for married men with children. The good news is that life insurance policies are extremely affordable. If you're a dad, investing in a good life insurance policy allows you to provide for your family even after you're gone. Read on for eight myths about life insurance that surprised most dads.

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MYTH: Life insurance premiums are too expensive.

Life insurance gets expensive as men grow older, but most fathers aren't still actively raising children by the age of 65. For men ages 20 through 35, the average cost of health insurance is roughly $35 per month for $500,000 worth of life insurance with a 20-year term. That is well within most price ranges.

MYTH: I can skip life insurance by setting aside money each month.

Saving up for emergencies is always a great idea. However, a life insurance policy worth $500,000 or $1 million will go farther in the event of your death than anything you tuck away in a savings account.

MYTH: I have more important financial priorities.

You might have more immediate financial needs, but is your family honestly prepared to remain financially afloat without you? Good financial planning requires a long-term approach, and investing in life insurance is one of the best ways to cover your family in a worst-case scenario.

MYTH: My health isn't good enough to get affordable life insurance.

True, life insurance is more expensive if you're not in good health -- but that doesn't mean you can't improve your health and get cheaper rates. Talk to your doctor about how you can safely reduce your body mass index, which is one of the factors that affects your rate.

MYTH: I can't get a temporary life insurance policy.

If you want a temporary policy, then what you want is term life insurance. Most term policies are for 20- or 30-year periods. These are perfect for working fathers who just want to cover their children until they reach adulthood.

MYTH: We've talked about it, and my wife could just get another job for awhile.

On paper, it might be easy to make the math pencil out by adding on a second, temporary part-time job. However, coping with the loss of a spouse isn't easy. In fact, it's downright devastating. An untimely death is even more impactful when children are involved. A life insurance policy can't solve all financial problems -- and it won't erase the pain of suffering the loss of a loved one -- but it makes much more sense than grieving spouse trying to work extra hours.

MYTH: My wife works too, so I don't need to worry.

It's true that both the husband and wife work in more than half of married couples. However, men still earn more on average than women, which means their incomes are still more vital for paying the bills and making ends meet. When contemplating life insurance, you need to consider how your wife would fare without your regular income.

MYTH: I get all the life insurance needed through my work.

Nearly half of Americans get life insurance through their employers, and many don't buy additional policies. However, most employers only cover employees for amounts of either $25,000 or $50,000. For many households, a $50,000 policy would barely last an entire year after funeral costs and other expenses. Most employer benefits simply can't compete with separate life insurance policies.