Life Insurance Myths Demystified

2024-08-02

871 Views

Begin securing your future

Full Name* Please enter correct name Please enter the Full name

Mobile Number* Please enter valid mobile number Please enter Mobile Number

Email* Please enter valid email Please enter Email

I agree that even if my contact number is registered with NDNC / NCPR, I would still want the Company to contact me on the given number and email id for the clarifications/product information sought by me and agree that I have read and understood the Privacy Policy and agree to abide by the same.

...Read more Consent is required

Locate branch

Resume journey

Pay Premium

Live Life More Confidently

Get best insurance from our experts

Name is required Name should be Valid

Mobile Number is required Mobile Number should be Valid

Email is required Email should be Valid

DOB is required DOB should be Valid

Annual Income*

< 3 3-5 5-7 7-10 > 10

Annual Income is required

Please tick to proceed further.

Thank you for your interest in our product. Our financial expert will connect with you shortly to help you choose the best plan.

There are myriad myths and misconceptions related to life insurance. These myths are a reason that results in the reluctance towards the purchase of a life insurance policy. We have listed down some of the most common myths associated with the life insurance policy. These pointers may change your perspective and help you make an informed decision while buying a life insurance policy.

No need to buy life insurance, if you are young – Your age doesn't matter when it comes to buying an insurance policy. What matters is the premature and untimely deaths around us that leave our families in a complete financial mess. Who knows what is going to happen next? Therefore, it is sensible to buy a life insurance plan irrespective of your age and marital status. Moreover, premiums that you pay towards the life insurance policy are cheap as both your age and health are in your favor.
Since I don't have any dependents, life insurance is not useful for me – Many people think that life insurance is beneficial only when a person dies. If you think that life insurance only offers death benefits to the beneficiaries, then you are wrong. There are several different types of life insurance policies available in the market. Life insurance that only offers death benefits is a term insurance, but there are many other life insurance policies such as endowment policy and unit linked insurance plan that offers survival benefits too.
Life insurance is very expensive – This is an extremely unpleasant myth that people have in their minds. Life is not costly; in fact, it costs a little less than what you think. People usually overestimate the cost of a life insurance policy. But that's wrong. Life insurance offers a wide range of coverage at affordable premium rates. The premium or price of a life insurance policy depends on the type and amount of coverage you need. You can initiate with a policy that suits your budget and then customize it as per your needs and requirements.
Buying a life insurance policy is so hassled and requires a lot of paperwork – With the advent of technology and internet, everything can be done online in just a few clicks. All you need to do is to visit the insurance company's website, check out the plans and make payment online in just a few clicks. The best thing about online payment is that there's no paperwork required, which makes the whole process very easy and convenient. With the boom of the internet revolution, it has now become very simple to buy a life insurance policy. Online purchase, renewal and premium payments can be done in just a few clicks.
All life insurance policies offer the same coverage at a different price – You are highly mistaken if you think that all life insurance policies offer the same coverage. All policies come with varied coverage options and are very different. You need to read the fine print of every policy carefully and then decide on anyone.
I don't need insurance because my job comes with a life insurance policy benefit – It's good that your company offers life insurance policy benefit. Although coverage offered by most employers are not sufficient, they do not cover your actual needs. Moreover, when you leave or resign from your job, then this leaves you without any life insurance policy cover and you are exposed to risks.
Life insurance is a tax-saving tool – Tax-saving is just an added advantage of an insurance policy. It's not the only benefit of buying a life insurance policy. The main purpose of life insurance is to offer protection to you and your family in case of any unfortunate event.

So, now when the falseness of these myths has been exposed, buy an adequate life insurance policy and get yourself financially covered. Besides, those who are planning to buy a life insurance policy online, choose to go with Canara HSBC Life Insurance; they offer comprehensive life insurance plans at affordable prices.

Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.

Life Insurance for Parents

Life Insurance Need For Every Life Stage

Life Insurance - Top Selling Plans

We bring you a collection of popular Canara HSBC life insurance plans. Forget the dusty brochures and endless offline visits! Dive into the features of our top-selling online insurance plans and buy the one that meets your goals and requirements. You and your wallet will be thankful in the future as we brighten up your financial future with these plans.