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Life Insurance Myths vs. Truths

There are lots of assumptions out there about life insurance. The truth is, lots of people just like you have learned how important it is to have the right coverage. Check out these common life insurance myths to learn more. 

Most People Overestimate the Cost of Life Insurance

Half of Americans overestimate life insurance to be more than three times the actual cost! And according to the Insurance Barometer Study, 44% of Millennials estimate the cost of a $250,000 20-year term policy for a healthy 30-year-old at more than $1,000 per year.* But it’s closer to $285 per year.** The truth is, it could be easier to add life insurance to your budget than you might think.


*2021 Insurance Barometer Study, Life Happens and LIMRA

**For a $250,000 20-year DreamSecure Term Life Insurance policy for a 30-year-old male at a super select rate from American Family Life Insurance Company.

Your Workplace Coverage Might Not Be Enough

Life insurance through your work is a great benefit, but it might not be enough to give your loved ones long-term financial protection if you were to pass away. The median life insurance death benefit offered by an employer is either a flat sum of $20,000 or one year’s salary. However, more than half of U.S. households rely on two incomes. The truth is, most financial advisors recommend you have enough life insurance to cover 10-15 times your base salary.*


American Family Life Insurance Company and its agents are not licensed financial advisors and cannot give financial advice.


*2021 Insurance Barometer Study, Life Happens and LIMRA

Now Is Actually the Best Time to Buy Life Insurance

When you’re young, single and pursuing your dreams, life insurance might be the last thing on your mind. But the truth is, getting life insurance when you're young and healthy can be a smart financial move –– it can cost significantly less! According to a recent study, nearly half of people who got life insurance later in life wish they would have purchased their policies at a younger age.*


*2021 Insurance Barometer Study, Life Happens and LIMRA

It’s Probably Easier Than You Think

If you think you don’t have time to buy life insurance because you think it’s too complicated, you’re not alone. More than half of those without life insurance admit they’re unsure what type of policy they would need or how much coverage to buy, while 36% believe they wouldn’t even qualify for coverage.* The truth is, life insurance doesn’t need to be difficult –– and most people can qualify for coverage. American Family Life Insurance Company offers some policies with a simplified application process, and our agents are here to help every step of the way.

*2021 Insurance Barometer Studies, Life Happens and LIMRA

Preparing Now Helps Protect Their Financial Future

Nearly 60% of those without life insurance say they need it, while almost half of all Millennials say they plan to buy life insurance within the next 12 months.* Life is always changing. That’s why planning ahead with a life insurance policy is a smart move that’ll give you peace of mind while helping protect your loved ones’ financial future. The truth is, today is a great day to start – contact your agent to learn about your options and get a quick quote.


*2021 Insurance Barometer Study, Life Happens and LIMRA

Most Who Have Life Insurance Have One

You might be surprised to learn that most people who have life insurance have an individual life insurance policy to help financially protect their loved ones. In fact, of all the people who have life insurance in the United States, 73% have an individual policy!* Talk to your agent to learn about life insurance options from American Family Life Insurance Company that could meet your needs and fit your budget.


*2020 Insurance Barometer Study, Life Happens and LIMRA

How Much Does Life Insurance Cost?

Use our Life Insurance Calculator to get a quick and easy estimate of how much coverage you need and what it would cost.

2021 Life Lessons Scholarship

American Family Life Insurance Company is proud to continue helping keep dreams moving forward through the Life Lessons American Family Scholarship. The scholarship program helps college students who struggle to pay for tuition and expenses after losing a parent with little to no life insurance. Meet the two 2021 $5,000 scholarship winners below!



"Although my mother had a small life insurance policy, that was not nearly enough to cover her hospital bills, funeral expenses and other bills. We had to rely on family members, friends and co-workers to cover the majority of the expenses. If she had adequate life insurance, it would have been less of a burden on us and there could have been a chance of me attending college without having to worry as much.

With the help of this scholarship, I will have a weight taken off of my shoulders — and I would be able to make my mother proud.”

Zahira From Georgia
Xavier from Indiana



“My mom and dad had been married for 14 years and thought they had sufficiently planned for this situation, but my dad’s life insurance was just enough to pay for funeral expenses and sustain us for a few years. It definitely was not enough to put me through college. Mom had to quit a job that she loved to make more money to support us, and when I was old enough, I also got a job and took on the responsibilities of my upkeep.

This scholarship will help me fulfill my dad’s wishes and help my mom tremendously.”

Get a Life Insurance Quote

The truth is, there’s no time like the present. Get a quote today. It won’t take long and you’ll feel good knowing you’re taking smart steps to financially protect those you love.