TOP 6 Life Insurance Myths

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Life Insurance

Our aim is to clarify these myths and to help you make the right life insurance choices for you and your loved ones.

There are a multitude of myths and common misconceptions about Life Insurance, resulting in insufficient coverage and causing unnecessary financial adversity for families after the loss of the breadwinner.

Myth #1: I am not the main breadwinner, so I don’t need life insurance.

Even though you don’t earn a salary, life insurance is still necessary. Coverage for the stay-at-home parent actually focuses not on earning money, but keeping the money in the household. In this instance, we refer to additional cost for childcare and housekeeping, should you be incapacitated.

Do not underestimate the cost related to childcare and housekeeping and ensure that you are covered accordingly.

Myth #2: I’m too young  to get life insurance.

Don’t gamble with your future. It may be unlikely that you pass away during your working years, but the aim of life insurance is not supposed to cover most likely events – it’s supposed to provide cover for the worst case scenario.

Life Insurance is relatively inexpensive for the young and healthy and buying life insurance at a young age, will save you a great deal of money in the course of your life. Find out from your insurance company whether you qualify for preferred life rates, which will result in lower annual premiums.  Preferred life rates offers the same cover for lower premiums and are based on your health. If you qualify, you may save up to 30% on standard premiums.

Myth #3: If it’s that cheap there must be a catch.

No, there is no catch. Basic life insurance offers coverage for the entire time that you pay your premium. You decide for which period you need life insurance, whether that may be until your retirement, the mortgage is paid off or later. Your premiums remain fixed for the entire term and won’t increase due to the state of your health. 

Myth #4: I don’t need life insurance once my children are out of the house and my mortgage is paid off.

Individual insurance needs vary. Consider the following questions: Would your spouse manage monthly living expenses without your contribution. Would s/he manage if s/he outlives you by 10 or 20 years?

Myth #5: I have life insurance through my job, so I don’t need any more insurance coverage.

Will the life insurance cover your job offers really be sufficient when you may need to depend on it? Rather review your job-related life insurance cover and ensure that it will be enough to keep your family comfortable if you are no longer there. 

Very important: Remember that when you leave your job, your cover usually stops.

Myth #6: It’s such a hassle to get life insurance. I don’t have time.

Life Insurance quotes can be obtained through the internet in little or no time. You have to answer a few questions to get quotes and can decide which policy covers your individual needs. You can also buy your lie insurance online from most prominent insurance companies.

Comparing quotes on the Internet can help you find affordable, adequate life insurance that will protect you and your family regarding almost any future eventuality.