There are just too many myths surrounding life insurance. Some of them are just bizarre life you don’t need life insurance if you are young or your employer provides you with life insurance or you have mortgage life insurance. There are some myths surrounding life insurance which might sound true

Here’s one which might sound true. If you are old and retired, your children are no longer dependant on you and your debts have been paid off, you wouldn’t need life insurance. Think again. What about your spouse? Life is never certain. You may suddenly require money even in your old age. You can always sell your life insurance policy under a life settlement and use the money you receive from the life settlement for any purpose – to meet some urgent financial needs, to buy a car, to go on a vacation, shopping spree. There is no restriction on how you use the money from a life settlement. Another common myth is that if you are a smoker, you will not be able to get life insurance. Just because you have a smoking problem, it does not mean that you will be refused life insurance. You will only have to pay more than non-smokers. Again by shopping around, you can get a good deal. Other health related myth surrounding life insurance is that you cannot get life insurance if you:
•    have a history of mental illness
•    suffered from a heart attack
•    suffer from cancer
•    you have a drinking problem
•    you have asthma

Here’s the truth. If you have a history of mental illness or a drinking problem, you can still get life insurance, in fact even affordable life insurance if you can show that you are in control of the situation and you are addressing the problem. Being diagnosed with cancer does not automatically disqualify you from getting life insurance cover. Life insurance companies may consider heart disease a red flag.  It doesn’t necessarily mean you will have to pay more. By taking the proper steps to treat heart disease you can qualify for a standard life insurance rate. If you have had cancer and you are looking for life insurance, there are certain factors the insurance company will take into account and that will influence the policy.  These include the type of cancer that you have, how far it has developed, the size, type and location of the tumor. If you have asthma, you can still get affordable life insurance by shopping around for different life insurance quotes. The severity of your asthma and you’re progress with treatment are used as a basis for fixing your life insurance rate.