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Life insurance myths to be debunked

Life insurance can sometimes seem complicated and confusing given the variety of insurance companies and types of programs. Insurers always elaborate about their products. However, there are also myths about life insurance.
Life insurance myths to be debunked

Life insurance is only useful after death

This is a faulty judgment. Life insurance companies offer savings, investment products, and pension plans today. The returns that insurers provide to their clients far exceeds the returns on other financial instruments.

Life insurance is expensive

According to studies conducted by the international company Insurance Barometer Study by LIMRA, most people exaggerate the cost of life insurance policies. Everyone can afford insurers’ services today. By choosing certain risks, the policy duration, client’s health, one can achieve a low cost of insurance policy.

I am not the family breadwinner so I don't need life insurance

Housewives and unemployed people often think so. It is important to understand that in the event of a critical illness, the expenses will fall on the shoulders of family members, in addition to a difficult emotional state, financial worries will fall on them. After all, they will need to pay for medical treatment or rehabilitation. If a person has term life insurance, then financial problems will be solved by the insurers’ payments.

Insurance paid by my employer is enough

Life insurance is obviously one of the important benefits of working. But, these insurance policies provide minimal coverage.

I'm too young for life insurance

It is another myth. The younger the insured person, the lower the insurance rate, and insurance premium accordingly. It is possible to buy an investment policy or enter into a retirement annuity agreement at young age.

Source: https://www.forbes.com/advisor/in/life-insurance/10-life-insurance-myths-that-need-to-be-debunked/

Photos are from open sources.

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