Myth #7: The Theory of Decreasing Responsibility

Updated: Oct 15, 2020

This is an interesting 'myth' because it makes a lot of common sense. If life insurance is always seen as a cost and if you can eventually avoid the cost... why wouldn't you want to avoid paying for something you don't "need" anymore? It's the same theory behind paying off your mortgage fast because you can avoid making those payments.

So what's the problem? Where's the myth? Look at the image at the top.

On the top left it says: "In the early years, you may need a lot of coverage." That's true. I always propose maximum total coverage - as much as 30 times their annual income so it will replace their income for their family.

On the top right it says: "In the l