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Myths holding people back from buying life insurance

Insurance will not protect against accidents, natural disasters, bankruptcy, illness and other unpleasant things but it will help cover losses, writes InsuranceNewsNet.
Myths holding people back from buying life insurance

First myth: youth

In fact, it is especially beneficial to buy a life insurance policy when you are young, because then it is cheaper than for mature people. Besides, young people often do not yet have additional savings or the so-called financial cushion that provides financial support to loved ones in an unforeseen situation.

Second myth: high price

According to the study conducted by the international company Insurance Barometer Study by LIMRA, the expert group in their expectations overestimated the cost of life insurance by 213%, i.e. the study group expected the final price of life insurance to be more than twice the real one. Who said life insurance is only for the rich? On the contrary, everyone can afford this service. Insurance policies vary in prices. By choosing certain risks, duration and, taking into account the health of the client, you can achieve different costs of the insurance policies.

The fourth myth: a bank is better than LIC

Life insurance provides a sense of security from day one. In the event of death, your loved ones will receive compensation. In turn, savings or investments need time to reach the size that can be counted on in the event of a disaster.

Source: https://insurancenewsnet.com/innarticle/the-myths-that-keep-people-from-buying-life-insurance

Photos are from open sources.

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