5 Common Myths About Life Insurance Needs (Forbes)

Five common myths consumers should keep in mind when shopping for life insurance:

1. Everyone needs life insurance. Life insurance works best for people who have dependents or a taxable estate.

2. You need life insurance to pay off your debts. Debt that exceeds your estate dies with you unless the debt was joint, community property or had a co-signer/guarantor.

3. Everyone needs life insurance to pay for your funeral or other final expenses. Unless your debt wipes out your entire estate, these policies don’t make a lot of sense.