No matter in what profession you are engaged, life insurance is necessary. It’s almost imperative for everyone. It offers you a perfect peace of mind to think that even if you die an untimely death, your family or your survivors are not going to be affected by it from the financial aspects. So, you should try to purchase a proper life insurance for yourself while you can.
But it is essential to be alert enough while choosing your life insurance. There are quite a few myths about life insurance that are quite common. Here’s a quick look at some of them.
Myth 1# My employer provides an insurance. I don’t need anything else
This surely is one of the most common myths about life insurance doing the rounds. In most of the cases, the employer pays for the life insurance of the employee. And the amount is also 3-4 times of the annual salary of the employee. However, remain assured that it is not enough at all. You might need an insurance policy offering coverage of at least 8-9 times your annual salary. According to several experts, the requirement might even be 10-12 times the salary that you get every year. You need to calculate properly how much life insurance you need. So, it is essential to add some other insurance as well with what your employer offers.
Myth 2# I am single. So, I don’t need any insurance
You might be single. And you might not have dependents. But are you so sure that you won’t need any insurance policy at all? It’s not only meant to benefit your close ones after your death. You can spend the insurance money for other purposes as well. May be you can pay off a few debts or provide for your family. Insurance can help you perform lot more than just make life safer for people dependent on you after you die. So, even if you are single, it does not mean that you don’t need insurance at all.
Myth 3# I can’t get a life insurance because of my improper health conditions
This is surely a myth and not always true. In most the cases, the life insurance policies are usually available for people who are not suffering from any high-risk disease. But it does not mean that you won’t be eligible for any life insurance coverage if you have any such disease. There are quite a few companies, which offer life insurance coverage for people with almost any health condition. So, it might not be a problem for you to get some proper life insurance coverage despite your ill health.
Myth 4# Buying life insurance online always helps to find a better deal
There are several websites, which offer life insurance coverage deals. You can purchase them online. And many of them offer excellent deals. But that does not mean that the best deals are available online only. There are quite a few companies, which are known to provide some excellent deals for life insurance coverage. And many of them are yet to have an online presence.
Myth 5# You are still quite young. So, you don’t need to think about insurance right away
The truth is, the earlier you think about life insurance, the more benefit you get. It is always a better idea to buy insurance when you are still young. The younger you plan your insurance policies, the more ways you will have to plan your savings. Moreover, with more years in your hand, you will need to pay less in terms of premium. However, you will reap more benefits from the insurance policies.
There are quite a few myths that have grown around the process of insurance. And it can be done away with only by gaining a good bit of knowledge about the processes. It is also necessary to have a prior idea about the major life insurance deals. Besides, if you are knowledgeable about the ins and outs of the life insurance deals, it won’t be a problem for you to do away with the insurance myths. And once these insurance myths are debunked, you can plan your steps properly for a well planned life with complete peace of mind.