Separating fact from fiction is important, especially when it comes to buying a life insurance. This highly debatable subject is often met with hesitation due to its numerous myths and stories out there. While some start believing these myths due to the lack of appropriate information, others simply misunderstand its basics. But, it is time for us to debunk some of the most common life insurance myths and help you see things from a clearer perspective.
When it comes to shopping for a life insurance, people tend to hold off and take a step back. It is true, thinking about leaving your family secure when you’re still young is not something most people prefer to do, at least at this stage of life, and thus they postpone it. But, why not plan for the future? Why not take all precautionary measures?
Contrary to popular belief, getting a life insurance isn’t expensive, time-consuming or obscure. The more you know about this topic, the better you’ll understand it and make the best decision for you and your family.
Top 7 popular insurance myths:
There is something about getting a life insurance that just hits the panic button among a large category of people. Either because they don’t know how to plan their future, or because they avoid talking about death, something is clear – people prefer to start believing in myths, rather than talking to an insurance agent. Choose to stay informed and don’t believe every nonsense out there.
Hint: The lack of appropriate knowledge fuels the increase in the number of myths. Make sure that you’re aware of the following ones.
Myth no. 1: Only people aged 40 – 55 should think about buying a life insurance.
Let’s face reality – death doesn’t spare anyone, irrespective of the age, gender, sex, hobbies or nationality. So, let’s stop believing that only the middle-aged people should get a life insurance! Hint: Specialists even state that you should get info about life insurance policies from the moment you start earning. Thus, you’ll have better chances to buy a cheaper life insurance policy and put your goods under shelter from an early age. Don’t take risks when you’re not supposed to.
Myth no. 2: I have a term-life insurance provided by my employer. I don’t need more.
As the name says it, we’re talking about a term-life insurance, otherwise said you’re only going to take advantage of this insurance as long as you’re working for that company. To put things in a different light, you’re not insured anymore when you change jobs. From another point of view, when you choose to purchase a personal life insurance, things are completely different. You’ll have that policy no matter how much your life changes.
Myth no. 3: I cannot afford to pay for a life insurance.
Well, this is one of those repetitive myths, that never seem to disappear no matter how much specialists struggle to debunk it. Why? People are frightened about signing a long-term contract.
But, clearly things are not that scary. In fact, nowadays, anyone can buy a life insurance as there are policies out there for no matter what budget you have. Research the matter and get all the info you need before you make up your mind.
Myth no. 4: I have savings. I don’t need a life insurance too.
You might have saved a lot throughout your entire lifetime, however, are you sure that you’re going to have enough when you’re retired. For how many years you have yourself covered? Will you have money for your funeral too? Think about all these small details and save your family from stressful situations.
Don’t forget to think about your mortgage too… Will you leave your family to pay your own debts? Or do you think you have money for unexpected expenses too?
Myth no. 5: Too many choices, too much room for mistakes.
Without a doubt, the huge number of choices out there can be overwhelming for the majority of people who deal with insurance policies for the first time. But, don’t take things so dramatically. Purchasing a life insurance nowadays, is far less complicated and scary as it was a couple of years ago. Nowadays, the multitude of free online tools and the huge number of insurance companies should give you the security you’re making the right choice. Meet an insurance consultant and don’t be afraid to ask the questions that trouble you.
Myth no. 6: If you have health problems, no company will sell a life insurance to you.
Well, this depends on how serious your problems are… In fact, there are insurance companies out there who even specialize in this category of buyers. It’s true, if you have health issues, then you’re probably going to pay a higher quota to get insured, but this doesn’t mean you won’t be able to purchase it.
Myth no. 7: I’m too old to be able to buy a life insurance.
Are you over 60? Then, have no worries, you can still get a life insurance too. It depends on the company you choose and on any possible diseases you might have. A term-life insurance is most likely what you’re looking to get now. Of course, the cost will be higher, but you can still get insured at this age too. Hint: the younger you are, the cheaper it is, so make sure you share this knowledge with the young people from your family.
With this in mind, it is easy to see why life insurance can be one of the most difficult products to understand and why there are so many myths out there. Let’s put an end to this list and realize what it’s really true and what’s not.