With
all its technicalities and rules Life insurance can be a bit tricky to figure
out. It’s more complicated than a savings account or a fixed deposit. Since it
focuses on the rural area this makes it is a true nationwide insurance company.
And through this article, you'll come across 5 misconceptions surrounding life
insurance companies that you need to know about.
·
The first myth people tend to believe is the
employer-sponsored life insurance is enough for them. At first glance, the
insurance provided by the employer seems quite helpful. Nonetheless, it may not
be enough to cover present and future liabilities. They come with fixed
benefits and don't allow you to add other benefits or riders. You won't be able
to transfer your coverage once you retire or move on from your job since you
never owned it.
·
People often do not go for insurances since they think their
income is enough to cover all the expenses. You family gets used to a certain
lifestyle as your income increases. In your absence in future, they'll be
needing money to cover the loss and complete the responsibilities such as EMI
payments, any outstanding debt or your child's education.
·
The third myth: Only breadwinners need life insurance
coverage. And this statement is complete nonsense. Especially when it comes to
cleaning and daycare the cost of services provided by the homemaker is higher
than you think. The expenses on the loss of a homemaker may compel you to
regret not having life insurance.
·
The fourth myth is people do not need to think about life
insurance since they are young. Though it does not seem like an urgent decision
when you're young but buying a policy when you're young is a sensible decision.
The sooner you start, the better it is. When financial responsibilities will
increase with the growth of your family having insurance will help you out. You
can get protection at affordable rates if you buy a policy before your parents
get older or you have children.
Top 5 Life insurance myths you need to know about
Reviewed by Newzpot
on
22:06:00
Rating: