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American United Life Insurance Company® a OneAmerica® company

The truthabout life insurance

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Exploring 10 misconceptions about life insuranceYou have a lot of choices with your money — how to spend it, where to spend it and how you might lay a foundation for today’s goals and tomorrow’s dreams. Making financial decisions can be overwhelming, but the choices become easier with the right guidance and a big-picture view. Starting with the firm foundation of life insurance may be a good decision.

You may already have some life insurance, likely offered through your employer. Like most people, you have considered purchasing additional insurance protection, but you’re unsure whether you can afford it — and whether you and your family even need it.

To help you understand how life insurance can lay a firm foundation for your life’s journey, let’s look at common misconceptions.

Take a read, assess your own perspective and answer a few questions to determine if life insurance makes sense for you.

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“Isn’t life insurance only for after I am gone?”

Life insurance provides a benefit when you’re gone, but that’s not all it’s for. First and foremost, it helps your family tackle the future, financially, without you. In essence, life insurance helps protect your goals for your family. Your dreams for your children, business and spouse don’t go away if you pass away. Life insurance can help make those plans a reality.

Depending on the life insurance policy you purchase, you may accumulate cash value to help you reach your goals in your lifetime. Life insurance can help you meet your retirement income goals, fund your children’s (or grandchildren’s) education, fulfill other dreams — and address the unexpected.

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“Is life insurance really something I can afford?”

When you think of life insurance as an expense, you can easily talk yourself out of purchasing it. Consider the importance of your family and your goals for them. Financial protection is important in making those goals a reality. In the same way you buy auto and homeowners insurance to protect your valuable assets, why not protect those who depend on you?

You have many affordable options in financial protection. In fact, the cost of insurance may surprise you. Considering certain criteria, such as your age, health and type of coverage, life insurance may cost just a few dollars a month.

You may not realize that life insurance can help enhance your other assets over the long term. Permanent life insurance with an accumulating cash value can give you the freedom to enjoy your life’s journey and pursue new adventures.

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“Shouldn’t I buy term insurance and invest the difference?”

If you’ve ever said or heard this, ask yourself:1. How will I invest the difference? 2. Am I disciplined enough to make

that ongoing investment?

We all have good intentions, but might find ourselves spending the difference on enjoyments like clothing, vacations and improving our standard of living. On top of that, investments have risk — in some cases, we risk losing our entire investment.

When considering cost, term life insurance is initially cheaper than whole life. One of the most popular forms of term protection has a cost that increases every year; other forms have a level cost for an initial time period — 10, 15, 20, 30 years, etc. After that, the term cost increases every year and can become more expensive than other types of coverage. The cost for whole life is guaranteed never to increase.

Depending on your budget and long-term goals, you may find it makes good financial sense to purchase both term and whole life insurance protection. Perhaps you want some coverage for a short term, such as to pay off the mortgage if something happens to you — and you may want to secure some lifetime protection. Many life insurance companies allow you to obtain permanent and term life insurance coverage in one policy.

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“Don’t I just need enough life insurance to cover my daily expenses?”

It’s true that you need enough life insurance to cover expenses for your family. But your protection also can help replace the income you would have provided during your lifetime. Plus, your economic value to your family goes far beyond covering the car payment, mortgage and daily living expenses. The care, support and love you give your family also have worth. While no one can replace you, you can help make a way for your family by addressing the gap that would exist if you weren’t there.

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“Is it true that I should purchase life insurance equal to twice my annual income?”

There is no magical formula to determine the life insurance amount to purchase. Different tools, such as life insurance calculators, are available to provide a general sense of how much coverage you want to have for yourself and your family.

Think of it this way: If something happened to a loved one and it was another person’s fault, you would want to receive the maximum benefit amount possible. Nothing can replace a loved one. Worth is not defined by simple multiples of income; true value is the culmination of all you do, love and provide.

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“Is the group insurance I receive at work all the life insurance I need?”

It is excellent to have group life insurance because it does help provide income if something happens. But in most cases, if you lose your job, quit or retire, you will lose your coverage or be able to convert only a portion to permanent insurance. Based on your family’s goals, you should ask yourself, “Is the benefit enough?” If not, consider additional insurance.

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“Can people in poor health qualify for life insurance?”

No one should assume coverage will be denied based on an existing health condition. Insurance companies assess risk individually. An individual may be able to obtain coverage at a higher premium or even qualify for a standard rate. There’s no way to know until the evaluation process is complete.

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“I’m young; why would I need life insurance?”

It is easy to think you don’t need life insurance as a young person. Yet purchasing life insurance today can help you build your financial future — and at a cheaper cost, because life insurance is less expensive for younger individuals. Keep in mind that if you don’t have a family or own a home just yet doesn’t mean you won’t someday. Plus, life can bring unexpected events, like health concerns, which can limit your ability to have coverage when you get older.

Obtaining life insurance protection at a young age gives you more time to accumulate “living benefits” in the form of cash values that can help with a future home purchase, additional college education or your dream wedding.

Regardless of the amount of expenses you have today — a mortgage, car loan, student loans, etc. — having life insurance can help ensure your family isn’t burdened if something happens to you.

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“My spouse is the sole breadwinner, and I stay home with the children. Why would I need life insurance?”

Both of you add economic value to your family — not just the breadwinner. You both help your family maintain a standard of living based on the services you add by working, raising the children, providing care and managing the finances. If either of you unexpectedly dies, the surviving spouse will have to make adjustments. The homemaker would have to find a way to recover the breadwinner’s income — which means working while helping the family rebuild. And if the homemaker passes, the working spouse would have to take on the household responsibilities or hire someone to help. Life insurance provides the immediate and necessary income to help you and your family rebuild without financial stress.

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“We’re age 65, empty nesters, retired — and our home is fully paid. Do we really need life insurance?”

Congratulations! You’ve raised your kids, entered retirement — and paid off your mortgage. Life insurance provides your children a benefit paid at death that can help represent the legacy you want to give them when you are gone. Plus, having permanent life insurance can help you meet unexpected financial expenses, such as long-term care.

Life insurance actually can help you on your journey to a comfortable retirement. Depending on the type of life insurance you chose, you can use living benefits to help provide income to enjoy your retirement. Plus, life insurance can help enhance your other financial assets. You’ll have comfort knowing that if you spend down funds from annuities and qualified plans, your life policy’s cash values can help you maintain your lifestyle.

Life insurance also can help you preserve your estate and fund your grandchildren’s college tuition.

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Rest assured you are not alone if you’ve had these questions and concerns. Life insurance is commonly misunderstood. The more you know about it, the better able you are to make good decisions and navigate your financial future.

What are your goals?1. Do you want to leave a legacy for your family?2. Do you wish to protect your income

in case something happens?3. Are you exploring ways to create

additional retirement income?4. Would you like to enhance your current assets?5. Are you concerned that your employer-

sponsored life insurance may not adequately protect your family?

6. Are you seeking to create and transfer wealth?

If you answered “yes” to one or more of these questions, a life insurance policy can help you address your goals.

Meet with your financial professional to learn how to plan your financial journey. The opportunities may amaze you.

Let us guide you

American United Life Insurance Company®a OneAmerica® companyOne American Square, P.O. Box 368Indianapolis, IN 46206-0368 (317) 285-1877www.oneamerica.com

Company use or bank disclosure as necessary© 2015 OneAmerica Financial Partners, Inc. All rights reserved. OneAmerica® and the OneAmerica banner are all registered trademarks of OneAmerica Financial Partners, Inc.

About OneAmericaOneAmerica Financial Partners, Inc., headquartered in Indianapolis, Ind., has companies that can trace their solid foundations back more than 135 years in the financial services marketplace.

The OneAmerica companies offer a variety of products and services to serve the financial needs of their policyholders and customers. These products include retirement plan products and recordkeeping services; individual life insurance, annuities, asset-based long-term care solutions and employee benefit plan products.

The products of the OneAmerica companies are distributed through a nationwide network of employees, agents, brokers and other distribution sources that are committed to increasing value to policyholders by helping them prepare to meet their financial goals. To learn more about our products, services and the companies of OneAmerica, visit oneamerica.com/companies.

I-24009 08/31/15