Are misconceptions preventing you from getting life insurance? Most people think as a highly complicated and technical matter. However, this is not true.
Insurance given by your employer is enough
Majority of the company in the UK offer Statutory Sick Pay. However, this may not be enough for your family requirements.
However, if you have dependents, such as a spouse, children or parents, the payout from the insurance policy given to you by your employer is likely not sufficient for them. Hence, it would be a good idea to buy life insurance or a critical illness cover for the sake of you and your loved ones.
You don’t have dependents
One of the most detrimental myths about life insurance is that you don’t need it because you don’t have dependents. There are some areas of expenditure even for a person with no dependents, including debts, funeral expenses and other bills. If you don’t have sufficient money after your death to pay them off, the burden will be passed on to your family members (or executor of an estate).
Moreover, if you have extra money to spare, you can always donate it to a charity.
It’s Too Early/Too Late To Buy Insurance
It is never too late or too early to buy life insurance. The sooner you start, you will be paying lower premiums.
Even if you are getting older, having a life insurance policy in place will be useful for your beneficiaries.
Words from the Wise
These were the most common life insurance myths
If you find yourself getting baffled by the myths, stop believing them and make a wide financial decisions.
Life Insurance is a must for your family. Even if you do not have a family, a life insurance allows your near and dear ones to repay your mortgage, cover funeral costs, or fulfil the most cherished dreams of yours.
We would recommend you to talk to one of our advisers for life insurance quotes.
Any quote that your adviser provides you with will take into account your circumstances, your medical history, as well as your budget!
Call 011-3733-4610 – Monday to Thursday from 11.00 to 19.00 and on Friday between 11.00 and 16.00