6 Top Life Insurance Myths Busted!

6 Top Life Insurance Myths Busted!

PNB MetLife 05-05-2016 12:13:06 PM
Top insurance myths busted

The term ‘life insurance’ shouldn’t make people uncomfortable. While some people still associate insurance with loss, mistrust, and death, others wonder why there is even a need to invest in a life insurance policy. This article will demystify some of the common insurance questions and myths associated with the industry, clearing the path to make an informed decision on how to take up a life insurance.

MYTH #1

You won’t see that insurance money ever again.

Reality: Although the primary role of insurance is to safeguard the financial security of your loved ones, a life insurance policy can also offer good returns when the policy matures.


MYTH #2

Life Insurance isn’t for the young.

Reality: Most people don’t think about getting life insurance coverage until much later in life. But investing early will actually give you higher returns as well as lower the amount of premium you need to pay.


MYTH #3

Singles don’t need life insurance.

Reality: Whether you are single or not, saving up for your future is important. Using insurance to develop a habit of saving can provide you with substantial returns when the policy matures. Furthermore, life insurance can also help you save on your yearly taxes.


MYTH #4

Term insurance is the worst.

Reality: Although term insurance does not provide any payout when the policy expires, they are a lot more affordable. Term insurance policies are plans that give you good insurance coverage while safeguarding family’s future, in case something should happen to you.


MYTH #5

Health insurance cover is enough.

Reality: There are many things other than just health insurance that need to be considered. Other than hospital bills, costs like rehabilitation, loss of income, and lifestyle adjustments can get overwhelming. Make sure you consider coverage for critical illnesses, hospitalization, and permanent disability when deciding on your life insurance coverage. These life insurance plans will help you to determine the lifestyle costs you need in unfortunate circumstances.


MYTH #6

Your company cover is adequate insurance.

Reality: Your company group insurance is good only as long you are an employee there. If you are retrenched during a company restructure or decide to start your own business, you could be left with no insurance coverage at all. Getting an insurance policy at a later age could also mean higher premiums. You should consider insurance even if your organisation has you covered.

So what are you waiting for? Have a look at great insurance plans online. Before getting a life insurance, you should make sure though that all your insurance questions are answered.