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Myths about life insurance

Life insurance in our country is quite a young area. Many of us hardly imagine the principle of the insurers’ work. And, of course, they have no idea about various nuances and undercurrents in the work of insurance companies. Thus, more and more myths about the insurance appear every day. It is important to make a decision on the need for the life insurance after a careful analysis instead of the influence of ignorance or prejudice. Therefore, we present answers to the five most popular questions regarding the life insurance myths.
Myths about life insurance

Myth 1. I’m too young to think about it

In fact, life insurance is the most obtainable in young age due to its cheapness - insurance premiums are smaller than in the mature years or when health problems emerge. In addition, at the beginning of labor activity people often have no available savings for the event of misfortune, which can limit the ability to work and earn for a while. Do not postpone making important decisions! You are to think about the life insurance, as well as home and car insurance, before it is really needed; otherwise, it may be too late to make the decision at the time of need.

Myth 2. Life insurance is only for the event of death

In fact, life insurance includes not only the death of the insured person, but also dangerous diseases, temporary or complete loss of earning capacity, disability due to an accident. The terms of insurance contract may vary "adjusting" to the insurance company customer’s motivation, marital status, occupation, susceptibility to various diseases, etc.

Myth 3. I am an office employee, and insurance is needed only by those whose profession is dangerous

It is quite logical that firefighters, athletes, policemen or miners risk much more at their work than, for example, accountants or speech therapists. However, what is the guarantee for a bank employee to live in good health to a very old age compared to a circus artist? Right, there is none. Our life is not only the job, and the probability of getting into an accident is approximately equal for a secretary and an industrial climber if both of them spend the same amount of time driving every day.

 Myth 4. A lonely person does not need life insurance

If a person has no family, children or even elderly parents who need to be taken care of, he or she may have a misleading impression of having no financial responsibility to anyone. However, the person should remember about having himself or herself. Who will support him or her in case of prolonged illness? Who will pay for the treatment if he or she becomes incapacitated due to an accident? Perhaps, it will be the state. But will it be enough?

Myth 5. You are to get insured only if you have a stable salary

It will be more exact to say that people with unstable earnings need the insurance more. The statistics states that the people just starting their path to the financial well-being are the most exposed to various risks. Meanwhile, the loss of earning capacity in this case is no better than its loss by a wealthy person. It is even worse.

   Finally, some kidding:

"Mom, can I take a dip?"

"No, son, it’s very dangerous here..."

"But Dad’s swimming!"

"He’s insured!"


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