Life insurance is a complex topic and understanding it is important to anyone interested in buying life insurance. Everyone has what they know about types of life insurance policies and why they are important. You need to get insights about what is right and best for you.
5 Common life insurance myths
- You should get life insurance with your employer – most people believe that life insurance through work is what you need. Well, it is a good thing but remember policies sponsored by employers limit you on the term and the cost of cover. Another thing, once you lose your job, you lose the policy. This is why it is important to buy your coverage that will serve as long as you want.
- You don’t need life insurance if you are single or still young. Even if you don’t have other people depending on you, your funeral and burial plans will need financial support. Moreover, you may also decide to get married later and then your family will depend on you. Besides, buying life insurance when you are still young lowers premium rates.
- Only breadwinners need to buy a life insurance policy. A spouse who stays at home may not have income, yes. But remember what your spouse does is important for the family. Life will certainly be more difficult when your spouse is gone since you will be likely to spend more on making sure the services are maintained
- Evaluating your coverage is not that important. It is important to go through your coverage to ensure you are up to date with changes and you are also getting the coverage that suits your needs and is affordable at the same time.
- You should rather invest your money than buying life insurance. overdependence on investments means taking a big risk for your family. Buying life insurance protects your family’s financial future.
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!
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