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Many life insurance myths influence people to keep this form of insurance out of their financial planning. This is a risky decision as the death of an earning family member can cause serious damage to their finance. Here are some misconceptions that you must not believe in
It is commonly believed that life insurance is costly. However, this myth is far from the truth. If you buy a term insurance plan, you can get a huge cover at an affordable price.
As a young person, you might not believe that you need a life insurance policy if you are healthy and do not have many liabilities. What you need to realize is that the great uncertainty of death does not consider age. You always need to make sure that your family is financially taken care of during your absence.
Many people feel that this misconception is true. However, in reality, health issues do not make you unworthy of buying a life plan. In fact, if you are suffering from such problems, you require a life insurance plan more than a healthy individual. However, you need to note that in such an insurance plan, a persistent health issue and a family history of health complications will increase the premium.
If you believe in this myth, you are missing a great opportunity to build a fortune. If you invest in a life cover with maturity benefits, the money will multiply significantly over time. If you wait to marry and then invest in a life insurance plan, the money will have lesser time to grow.
This might seem like a fact, especially if you are young. However, the problem with this idea is that it does not take into account the possibility of death. Protecting your loved ones from financial challenges is essential, and you need life insurance for this purpose.
Another myth about life insurance is that the policy offered by your employer is enough.However, the cover is discontinued in case of job change or termination. This risk should be avoided by purchasing an individual life insurance plan.
Tax-saving is an advantage that you enjoy when you buy a life policy. However, it is not the main purpose of the insurance policy. A life insurance plan is designed to provide financial protection to your loved ones.
Some life policies come with maturity benefits apart from the death benefits. Hence, you can use the policy to build a corpus that can make your life after retirement more comfortable.
Now that you are aware of these life insurance facts, you can consider buying a policy and create a foolproof financial portfolio.
Ref. No. KLI/22-23/E-BB/492
