Category: Life Insurance

Life insurance is a financial tool that provides peace of mind and financial security to loved ones in the event of your passing. However, it’s often surrounded by myths and misconceptions that can lead to confusion. At Elevated Insurance, we provide life insurance products to residents in the greater Springville, UT area. We aim to debunk common life insurance myths and provide clarity on this important topic.

Myth 1: Life Insurance is Only for the Elderly

Life insurance is valuable at any age. In fact, purchasing a policy when you’re young and healthy typically results in lower premiums. It’s a proactive way to protect your loved ones and secure their financial future.

Myth 2: Life Insurance is Too Expensive

Life insurance costs vary depending on factors like age, health, and coverage amount. Basic term life insurance can be quite affordable, making it accessible for most individuals and families.

Myth 3: Life Insurance Payouts Are Taxable

In most cases, life insurance payouts are not subject to income tax. Your beneficiaries receive the full benefit amount, providing a tax-free source of financial support.

Myth 4: Employer-Provided Life Insurance Is Sufficient

While employer-sponsored life insurance is a valuable benefit, it may not offer sufficient coverage. These policies are often limited and may not account for your specific needs. It’s advisable to have a personal life insurance policy in addition to any provided by your employer.

By debunking these common myths, we hope to empower you with accurate information and enable you to choose the right life insurance policy that suits your needs and circumstances. If you’re ready to start the process of buying a new life insurance policy, contact Elevated Insurance, serving the greater Springville, UT area, for a quote today.

As a young parent, you may not need a life insurance policy. You’re expecting to have your whole life in front of you and be able to raise your children until they are on their own. However, it’s good safety practice to have a life insurance policy, just in case the unexpected happens. 

1. Daily Expenses

When your children are young, they will need daily expenses to live a happy and comfortable life. With a life insurance policy, you can extend it to include as much money as you want and specify that these needs will be covered with this money. This can give you peace, knowing they’ll have the money they need, even if you aren’t there physically. You can also increase this policy so they have a financial inheritance to enjoy as one last gift from you once they are of age and all their other needs have been met.

2. Education Costs

You are likely already looking at accounts to secure educational costs for your children after high school. These plans are only good if you’re here to contribute to them. With a life insurance policy, you can designate a certain amount of that money to go to the educational costs for your children and ensure each child gets the same amount of coverage. Any money that is left over can be used towards their inheritance so that they have a final financial gift from you. 

3. Eliminate Debts

Should you leave your children unexpectedly, the last thing you want to do is leave them with your debt. With a life insurance policy, you can leave enough to cover any mortgages, loans, and other property debts you may have. Because you’ve left these funds behind to cover this debt, your children can also take advantage of this property and not have to give it back to lenders. 

If you’re a young parent or another resident in the area surrounding Springville, UT, our team at Elevated Insurance can answer any questions you have about life insurance today.