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 OBC Life Insurance; they offer comprehensive life insurance plans at affordable prices.