Life insurance isn’t always the easiest thing to talk about. It can feel like an unimportant topic when you’re younger and an uncomfortable one when you’re older. Not talking about something doesn’t make it go away—it just makes it easier for fact to turn to fiction. When it comes to life insurance, there’s no shortage of misinformation out there. Here are some of the top myths about life insurance:

I’m young so I don’t need life insurance.
Part I: If you’re single, young, and in good health, life insurance may seem unnecessary. For some, it very may well be—but for the thousands of young adults with student loan debt, a life insurance policy can help protect your co-signers in the event of your untimely death.

Federal student loans allow a death discharge, which releases your cosigner from repaying the debt, but if you have private loan debt, it will most likely revert to your cosigner or estate to repay. This can cause a lot of financial hardship depending on your cosigner’s resources.

Also, buying life insurance when you’re young allows you to lock in the best possible rates and helps protect you for the future if your health deteriorates.

Part II: If you’re a parent who is cosigning a big student loan, you may want to take out a life insurance policy on your child. No parent ever wants to imagine losing a child, but the burden of repaying tens or hundreds of thousands of dollars of student loan debt can cause financial devastation on top of emotional devastation.

A $100,000 term life insurance policy for a 20-something adult typically costs about $10-20 per month. A $100,000 student loan bill typically costs several hundred dollars per month to repay. Some private lenders do provide relief when a borrower dies, so check with the lender before purchasing a life insurance policy for your child.

Life Insurance is only necessary for the breadwinner.
If you’re the sole breadwinner in a family with minor children, you absolutely need life insurance. You may want to consider life insurance for your spouse, too. A life insurance policy can help offset the costs of replacing the services that were performed by a homemaker, including daycare, cleaning, transportation, and other services.

Employer-provided life insurance is good enough.
You might not think you need to worry about life insurance if your employer provides it for you. The death benefit is usually equal to 1-2 times your annual salary, which can be insufficient if you’re the sole provider for your family, or leave behind debts or a mortgage for your loved ones to pay off. The typical recommendation is 5-8 times your salary to replace income for your dependents.

You’ll also likely lose this life insurance when you leave your job, and converting employer-provided coverage to personal coverage can be much more expensive later in life, especially if your health declines. You can likely get a better deal on a personal life insurance plan if you buy when you’re young and in good health.

Life insurance is too expensive.
Life insurance may be the farthest thing from the mind of a young adult, but when they do think about it, most are likely to think it’s too expensive to buy. For a 30-year-old nonsmoker, a $250,000 20-year term life insurance policy only costs about $150 per year. Often times that life insurance policy costs less than your daily latte! The longer you wait, the more expensive it gets, so consider purchasing life insurance if you’re young to get the best rates available. Ask your agent about the benefit of a multi policy discount when buying life insurance from the same company as your home and auto insurer.

Contact a Yetter Insurance agent.
Thinking about the end of your life isn’t easy, but the peace of mind that comes with knowing your loved ones will be financially secure after you’re gone can help you live it to the fullest. Contact a Yetter Insurance agent today to talk about life insurance that’s right for you.