The importance of buying life insurance is often undervalued by the unfounded myths that surround it, and most of the misinformation that consumers choose believe is vastly inaccurate. By exposing the most common life insurance myths and establishing the realities that dominate the marketplace, an informed purchasing decision is much easier to make.
Myths About Buying Life Insurance Online
Myth #1: I have no Dependants, so I don’t need to buy Life Insurance
Even if you’re a single person with no immediate family, it’s still important to consider life insurance in order to finalise your financial obligations after your death. There are going to be funeral expenses to deal with, and any outstanding loans and finance agreements you have still need to be settled. By buying in to this misleading life insurance myth, your extended family may be pressurised to clear outstanding debts on your behalf.
Myth #2: I have life Insurance at Work. That’s Should be Sufficient
This popular life insurance myth might have an element of truth to it but in most instances, a policy taken out through your place of work will be woefully insufficient. You final settlement is likely to be much smaller in comparison to a privately purchased policy, and there will usually be an extensive number of exclusions attached to your life insurance agreement that could halt an eventual payout.
Myth #3: I’m the Main Wage Earner in my Household. I’m the only Person who Needs to buy Life Insurance
Nothing could be further from the truth, and this particular life insurance myth could lead to significant financial problems if your spouse or partner dies without an adequate policy in place. The expense of a funeral alone can cause untold hardship, and it’s going to be difficult keeping up with the bills if your partner contributed to your household income with a part-time job. Add lost time from work and potential childcare costs while you continue working, and it’s highly apparent that life insurance is vital for every senior family member.
Myth #4: There are Better Ways to Invest my Money than Buying Life Insurance
This is a particularly ridiculous life insurance myth. It’s unlikely that you’ll be able to accumulate a big enough return on any of your investments to match the potential payouts that life insurance can provide. With the exception of a lottery win or an unexpected inheritance, life insurance is by far and away the best way to secure the financial security for your family after your death.
Read more about how to compare life insurance plans today, and how a good policy can help protect your family’s future.