Don't Let These Misconceptions Stop You From Buying Life Insurance

There are certain expenses many of us learn to accept and fit into our budgets. Healthcare bills, for example, tend to be unavoidable, so it's important to save for them. And for the most part, it's easy to make the argument that having a cellphone is essential. So that, too, is something you may want to pay for.

Similarly, life insurance might fit the category of an expense you need to pay. And if you've shied away from buying it in the past, it may be because you were falling victim to certain misconceptions. But you definitely don't want to let the following myths stop you from getting life insurance.

Myth No. 1: You can't get coverage if you smoke

Being a smoker might make it harder to get life insurance. And you can expect to spend more on premiums than someone who doesn't smoke. But plenty of life insurance companies write policies for people who smoke -- they just charge more to account for the added risk.

Forbes reports that a 30-year-old non-smoking male seeking a $500,000 term life insurance policy is looking at an average annual rate of $303 for 20 years of coverage. An applicant who's the same age seeking that same coverage and who smokes is looking at paying $828. That's 2.7 times the cost of the non-smoker's policy.

Unfortunately, it's hard to get around the added cost of being a smoker. But that doesn't mean buying a life insurance policy is off the table.

Myth No. 2: You don't need life insurance if you're young

You might assume that if you're just starting out, you don't need life insurance. But your family circumstances should play a role in that decision more so than your age.

Some people who are 40 years old have no children, no spouse, and don't financially support anyone else. But you might be 23 years old with a spouse, a child, and another baby on the way. So rather than use your age as a main factor in your decision to get life insurance or not, think of your family situation -- and the extent to which your loved ones might suffer financially without your income.

Myth No. 3: You only need life insurance if you have kids

Having children indeed is what drives a good number of applicants to buy life insurance. But it's easy to make the argument that you might need life insurance even if you're childfree.

Let's say you and your spouse share a home that requires both of your incomes to pay for. If you were to pass away and your income were to disappear, your spouse might be uprooted. A life insurance policy could potentially prevent that.

It's easy to write off the idea of life insurance as unnecessary or unattainable. But rather than assume you don't need coverage due to your age or childfree lifestyle, think about the people in your life who depend on your income.

And if you smoke and can't quit, shop around with different insurers. You may find that you're able to compare different offers and walk away with reasonably affordable coverage, even if you are paying more than someone who's not a smoker.