Level life insurance policy. Don t Fall for These 4 Life Insurance Myths, USAA

Information Courtesy of USAA What is cost of insurance for life insurance.

You needn't have children, or even a spouse or partner, to benefit from a life insurance policy.

Life insurance, especially if purchased early, may be an inexpensive way to help protect your family and home — even if you don't have either yet.

Even so, a handful of widely held life insurance myths cause some to delay buying a policy or skip purchasing one altogether. Let's look at some of the most common:

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Myth: You don't need life insurance if you're young, single or don't have children. Actually, purchasing life insurance may be less expensive earlier in life because pricing is based on age and health. Your single status may change, and you might become a parent some day. Having a plan in place to provide for loved ones after your death removes one very big "to do" from a list that only grows longer with life's big changes. "If you love someone or think that you ever will, it may never be cheaper than it is today to get some protection in place," says Kenneth Sutton, USAA's director of life insurance product management.

Myth: Stay-at-home spouses or partners don't need their own life insurance policies. In fact, the contributions of a stay-at-home spouse or partner can include child care, home care, managing household finances and much more. Having a benefit to help pay for the work and care provided by a stay-at-home spouse or partner could remove one source of stress in the traumatic event of losing a loved one. And someone who stays at home should feel just as able and empowered to provide a life insurance benefit to his or her loved ones as someone who works outside the home. "It's really a final act of love," Sutton says.

Myth: A privately owned policy is unnecessary if you already have a group life insurance benefit through your employer. Let's face it — employer benefits can change. A privately owned life insurance policy that you choose is under your control. Consider group life insurance offered by your employer as a welcome, supplemental benefit to a policy that's guaranteed regardless of your employment situation.

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Myth: Life insurance is expensive, and all policies are the same. You can tailor a plan to meet your needs and budget. Check out online tools such as USAA's Life Insurance Needs Calculator

for estimates of policy costs and benefits. Also consider talking to a USAA financial advisor to get advice on how to create a plan that includes life insurance as a piece of your well-being.

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