Take the step to protect your family's financial future—learn 6 myths about life insurance and why it doesn't have to be expensive.

Life insurance is not a fun topic, but it’s an important one. A life insurance policy can help keep your loved ones financially secure if the unexpected happens, making it an essential component of a robust financial plan.

Even though most Americans think of life insurance as a necessity, 30% of U.S. households have no life insurance policy, according to the Life Insurance Marketing and Research Association. And those that do have life insurance often have less than they need.

Why is this? There are many common misconceptions about life insurance that can be a barrier to proper coverage. Let’s examine six myths about life insurance.

1. It costs too much

Many people overestimate the cost of life insurance. Unlike health insurance premiums, life insurance premiums are generally very affordable, particularly if you are young and healthy. In fact, the average monthly premium for life insurance is just $44, according to S&P Global.

2. Without children, there’s no need for life insurance

People most often buy life insurance when they have children or dependents. But individuals who are single and partners without children also need the protection that life insurance provides, particularly if you have one partner who earns significantly more than the other.

In addition to providing financial security for your loved ones (whether that’s your parents, children or partner), life insurance can help pay for funeral costs. Even the least expensive funeral services can cost thousands of dollars; life insurance can take the financial burden off your loved ones at an emotionally difficult time.

3. You don’t earn a lot of money, so there’s no reason for life insurance

Life insurance isn’t just for those with a lot of money. You can purchase a policy that pays out small amounts or large amounts, depending on your family’s expenses and needs. Even if you don’t feel like you earn a lot of money, life insurance gives your loved ones time to figure out a new financial future if something should happen to you.

4. You don’t work

Many stay-at-home parents feel they don’t need life insurance because they don’t make money. However, caring for children is an incredibly valuable contribution to the family that saves thousands of dollars every year.

If something happened to you, alternate child care arrangements would be necessary. A life insurance policy can help cover the cost of child care and other expenses.

5. You’re too young

Many younger people don’t purchase life insurance because of their age. While it’s true that younger people die at lower rates than older people, they are not invulnerable. Nearly 24,000 people ages 25-34 die from unintentional injuries each year. Another 7,000 die of cancer or heart disease.

Life insurance can provide your family with financial protection if the unexpected happens. Also, if you buy life insurance when you’re young, you may have lower premiums even for larger coverage amounts. This can help to take care of your student debt, mortgage and other debts common in your 20s and 30s.

6. Life insurance is too confusing

It’s true: Purchasing life insurance can be confusing. Do you need term life or whole life coverage? What’s the difference? How much coverage should you get? How much will your premium be?

Fortunately, a trusted broker or benefits adviser can answer all of these questions and help you figure out the best level and type of coverage for you and your loved ones. Get in touch with them so you can protect your family’s financial future.