Let’s face it, thinking about life insurance, and why you may need it, isn’t fun. People tend to delay buying it or put off addressing the topic altogether. This habit of avoidance has that has, over the years, given rise to a number of life insurance myths that we will try and break down.
Myth: It’s Costly
This isn’t quite true and has really contributed towards muddying the perception of life insurance. With proper research and the right company, you can easily find life insurance policies that will fit into your budget and not burn a hole in your pocket. Even a small annual premium can allow for an impressive life cover which will allow your loved ones to cover their needs. And there are other so many plans with a lower premium tailored to suit your lifestyle and budget.
Myth: It’s Too Early to Think of Life Insurance
As they often say, death keeps no calendar, and it makes lot of sense to plan early. With a plethora of life insurance policies to choose from, you can easily opt for a plan that suits your income bracket as well as your age. In turn, you can also receive investment goal benefits from life insurance policies. And you can rest easy knowing your future is being taken care of for you.
Myth: It’s is One Size Fits All
Many people think that they can just take out the same policy as their friend or colleague, but it’s not that simple. Just like any financial product, a good policy will only work well if it complements someone’s individual needs. While term life may be the most popular option, there are others, such as universal and whole life policies, which work differently. Lives are complex, so people need to take a more tailored approach to the life insurance policy they choose as that’s what’s going to give them most peace of mind at the end of the day.
Myth: Group Insurance Plans are Enough
More and more employers are offering life insurance as part of a package, and that is great news. However, workplace insurance may not be enough and it’s also not always possible to take that life insurance with you to a new job. It’s always a good idea to purchase a private policy in addition to your workplace one, with the option of topping up the private policy should you leave your job. For one thing, these plans are valid only till the time you work with that employer, and if you’re married or have kids or other dependents, an individual life policy will offer greater peace of mind!
Myth: Buying Term Life Insurance Process is Lengthy
People often hesitate to go down the road of life insurance because the perception is that the process of buying them through an offline channel is quite lengthy, requiring several forms to be submitted together with a number of documents.
With digital first insurance company IVALIFE, buying a term plan is now a matter of a few clicks. Everything you need is available on their website which provides a range of innovative products and service all at the push of a button from your phone or device as well as offering the first sum-assured calculator which will easily help you identify your protection value, based on your lifestyle, needs and dependents. These services are also available from Atlas Healthcare Insurance Agency Limited, as an insurance agent of IVALIFE, and APS Bank plc, as a tied insurance intermediary of IVALIFE.