Think You Know Life Insurance?

Test your life insurance knowledge.

alarm clock on wooden background to remind people about life insurance

Here are some of the most common misconceptions about life insurance:

1. Life Insurance is Only for Older People

Many believe life insurance is unnecessary until later in life, but getting coverage when you're younger is usually more affordable. Life insurance can provide financial security for your family at any stage of life.

2. It’s Too Expensive

While some policies can be costly, there are many affordable options, especially if you start when you’re younger and healthier. Term life insurance is particularly budget-friendly.

3. I Don’t Need It If I’m Single or Have No Dependents

Even if you’re single, life insurance can cover debts, funeral costs, or leave an inheritance. Additionally, your needs may change if you have children or get married later.

4. Employer-Provided Life Insurance is Sufficient

Many people assume their group life insurance through work is enough, but these policies often provide limited coverage (1-2 times your annual salary). It may not be enough to cover significant expenses or last if you leave the job.

5. I Can't Get Life Insurance Due to Health Issues

While some health conditions can affect the cost or availability of certain policies, there are still options, such as guaranteed issue policies, which do not require a medical exam.

6. Stay-at-Home Parents Don’t Need Life Insurance

Even if a parent doesn’t earn income, life insurance can cover the costs associated with child care, household management, and other essential services that would need to be replaced if they were no longer around.

7. Once I Buy Life Insurance, I Don’t Need to Revisit It

Life insurance needs can change over time as your financial situation evolves. It’s important to periodically review and update your policy as your income, debts, or family circumstances change.

8. Life Insurance Payouts Are Taxable

In most cases, life insurance payouts are not subject to income tax. However, estate taxes could apply in certain situations for high-net-worth individuals.

9. I Can’t Qualify If I Have a Risky Job or Hobby

Although certain professions or hobbies (like skydiving or scuba diving) may increase premiums, it doesn’t necessarily disqualify you from coverage. Specialized policies are often available.

10. Life Insurance is Just for Covering Funeral Costs

While life insurance does cover funeral expenses, it also provides financial support for long-term needs like mortgage payments, education expenses, or replacing lost income.

Visit our life insurance page to quote and enroll in a new plan in minutes. It has never been easier to get covered.

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What is Gap Insurance?

By Justin Sonon • September 10, 2025

Gap Insurance: Dealer Add-On vs. Auto Insurance Policy — Which Is the Smarter Choice? Buying a new car is exciting, but it also comes with financial risks. The moment you drive off the lot, your vehicle starts to depreciate in value. If your car is ever totaled or stolen, your standard auto insurance typically pays out the actual cash value, not the balance left on your loan or lease. That’s where Gap Insurance comes in. Short for Guaranteed Asset Protection, it covers the “gap” between what your vehicle is worth and what you still owe your lender. Why You’ll Hear About Gap Insurance at the Dealership When you’re finalizing your purchase, the finance manager often offers Gap Insurance as an add-on. Convenience : You can roll it right into your financing paperwork. Cost : This convenience comes at a price. Dealers typically charge $400– $900 as a one-time fee, and because it’s financed, you’ll also pay interest on it. Commitment : Once it’s bundled into your loan, you’re locked into that cost even if your balance drops faster than expected. For example: if you buy a $30,000 SUV and total it a year later when it’s worth only $24,000, but you still owe $28,000, the dealer’s Gap Insurance would cover the $4,000 difference. Useful—but not always cost-effective. Gap Insurance Through Your Auto Insurance Policy What many car buyers don’t realize is that they can add Gap Insurance directly to their auto insurance policy. Lower Cost : Most carriers charge just $20–$40 per year for the same protection. Flexibility : You can add or remove the coverage as your loan balance changes. Same Protection : It covers the same difference between your loan and your vehicle’s actual cash value. In the SUV example above, adding Gap Insurance through your policy would provide the same $4,000 protection—but at a fraction of the cost. Which Option Is Best? If you like convenience and don’t mind paying more, the dealership option works. If you want long-term savings, adding Gap Insurance to your auto policy is almost always the smarter financial choice. At Sonon Insurance , you can explore whether adding Gap Insurance to your auto policy makes more sense for your wallet. Because protecting your vehicle, and your finances, shouldn’t cost more than it has to.

What Is Cancel For Any Reason Travel Insurance Coverage?

By Justin Sonon • August 26, 2025

Why “Cancel for Any Reason” Travel Insurance Might Be the Best Thing Since Rolling Suitcases Picture this: you’ve been dreaming about your big trip. Tickets booked, bags packed, playlist ready. Then life happens, your cat decides to swallow a Lego, your boss suddenly “remembers” a big project, or you realize that a trip to a tropical island during monsoon season wasn’t your brightest idea. Normally, this is when you’d be stuck with the sad sound of money swirling down the drain. But if you’ve got travel insurance with Cancel for Any Reason (CFAR) coverage , you can laugh in the face of chaos (well, at least chuckle a little). The Perks of CFAR Coverage—With a Side of Humor 1. You Don’t Need a Good Excuse Traditional insurance : “Sorry, that doesn’t count unless your appendix explodes mid-flight.” CFAR coverage: “You woke up and decided you’d rather binge-watch Netflix in sweatpants than fly across the ocean? Cool—we’ve got you covered.” 2. You’re Protected From Family Shenanigans Maybe your cousin suddenly schedules their wedding the same week as your dream cruise. With CFAR, you can cancel the trip and still show up awkwardly holding the world’s most boring salad bowl from their registry. 3. Weather Can’t Ruin Your Parade Who among us hasn’t booked a beach vacation only to arrive during torrential rain? With CFAR, you can check the forecast a few days before and bail, saving yourself from 7 days of Monopoly in a damp hotel room. 4. Peace of Mind for the Overthinker For those who like to plan Plan A, B, and C… and a backup Plan D (just in case aliens land), CFAR is like a security blanket. You don’t have to justify your panic. Cancel. Reschedule. Repeat. 5. Because Sometimes, You Just Don’t Feel Like It Life’s unpredictable. Maybe you’re not sick, maybe no one died, maybe nothing dramatic happened…you just don’t want to go anymore. CFAR says, “That’s enough reason for us.” The Fine Print (Without the Boring Lecture) Most CFAR plans will reimburse up to 75% of your prepaid, non-refundable trip costs—as long as you cancel within the allowed timeframe (usually 48 hours before departure). But hey, that’s a whole lot better than the 0% refund you’d otherwise get for your spur-of-the-moment decision to stay home with your dog. Final Boarding Call Travel is supposed to be fun. Worrying about “what if I need to cancel?” isn’t. That’s why Sonon Insurance recommends adding CFAR coverage to your travel insurance, so whether it’s a real emergency or just an “I’d rather not,” you won’t lose everything you invested in your adventure. Because at the end of the day, sometimes the best trip… is the one you didn’t take.