We’ll do anything to protect our loved ones, right? But far too often, people overlook one of the most important ways to protect their families – life insurance. Here are five myths about life insurance and the facts you may want to consider.

Myth 1: I can’t afford life insurance.

Fact: Term life insurance, which is life insurance purchased for a period of time, can be very affordable. For example, if you are a healthy, non-smoking, 35-year-old you may be able to purchase a policy for less per month than an evening at the movie theater. According to lifehappens.org, term insurance is often a good choice for people in their family-formation years, especially if they’re on a tight budget.

Myth 2: I’m a stay-at-home parent. I draw no income. I don’t need life insurance.

Fact: If you’re a stay-at-home parent, you may not provide an actual paycheck for the household, but you do provide services that would cost tens of thousands of dollars to replace if something happens to you.

Myth 3: I have a life insurance policy through my job. If I take another job or get laid off, I can take the policy with me.

Fact: Typically, your group life insurance purchased through an employer usually doesn’t follow you if you leave that job. If you own an individual life insurance policy purchased through an insurance agent or a financial professional, leaving your job will have no effect on your coverage.

Myth 4: If I travel out of the country and something happens to me, I am not covered.

Fact: In the unlikely event you pass away while in a foreign country, the policy would most likely pay out to the beneficiaries. However, many life insurance policies exclude certain countries, such as those currently on the U.S. Department of State’s Current Travel Warnings List; so it’s important to review your life insurance policy prior to leaving the country.

Myth 5: If I get a term life insurance policy, I can’t convert it to a permanent life insurance policy.

Fact: It is typically possible to convert a term life insurance policy into a permanent policy, depending on the policy purchased. However, individuals seeking to do so may typically see an increase in their premium.