Whether or not you’re thinking about buying life insurance, you’ve probably heard a myth or two about how you don’t need it or can’t afford it. Here, we debunk five common life insurance myths to show how life insurance can truly protect you and your loved ones.

MYTH 1: LIFE INSURANCE IS TOO EXPENSIVE.

BUSTED: The 2018 Insurance Barometer Study found consumers overestimated the cost of a $250,000 term-life policy for a healthy 30-year-old by three times its actual cost. If the cost of life insurance is a point of concern, consider a term-life insurance policy. It’s generally less expensive than other types of coverage and you’ll have opportunities later in life to update your level of protection.

MYTH 2: I’M YOUNG AND HEALTHY, SO I DON’T NEED TO WORRY YET.

BUSTED: Life insurance is a good idea at every stage of life. Certain permanent-life insurance policies have benefits you may be able to use while you’re still living. For example, whole- and universal-life policies not only provide a death benefit, they also offer you the opportunity to use the accumulated cash value to help buy a home or subsidize your retirement income. Looking for an immediate bonus? You can often get better rates at a younger age.

MYTH 3: MY EMPLOYER-OFFERED COVERAGE IS ENOUGH.

BUSTED: Many employers provide a basic life insurance benefit, often equal to one to two times your base salary. That’s certainly a great benefit to have, but depending on a variety of factors including age, salary, expenses, debts and future financial needs, you’ll likely need more coverage. Generally, an employer-provided life insurance policy is meant to help supplement your personal policy and may not be portable if you change jobs.

MYTH 4: I’M SINGLE WITHOUT KIDS, SO I DON’T NEED IT.

BUSTED: Life insurance can be the foundation of financial security for your family or business. Proceeds from a life insurance policy can help cover outstanding debt, like a mortgage and credit cards, or fund financial objectives including retirement. Life insurance can also be used to cover funeral expenses.

MYTH 5: CHILDREN DON’T NEED LIFE INSURANCE.

BUSTED: Buying life insurance for children guarantees their insurability into the future and can be an affordable way to purchase additional coverage as they grow into adulthood. It’s a great way for parents and grandparents to give the young people in their lives the gift of financial security.

Death can be tough to ponder, let alone plan for, so it should come as no surprise that while most Americans acknowledge that life insurance is a necessity, only about 60 percent actually have a policy. Additionally, one in five people who have life insurance say they do not have enough.

Farm Bureau Financial Services has a handy life-insurance calculator you can use to estimate how much protection you might truly need. Connect with a Farm Bureau agent to find the coverage that’s right for you.