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Biggest Life Insurance Myths

Here are some of the life insurance myths that you may know about. Clear the confusion that you’ve before buying life insurance! Click here to read more!

  • 13,922 Views | Updated on: Mar 22, 2024

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

Myth 1: It is expensive

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.

Myth 2: Young and healthy people do not need it

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.

Myth 3: You cannot by it if you are unhealthy

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.

Myth 4: Single people do not need it

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.

Myth 5: Buying life insurance is not more important than saving money

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.

Myth 6: Life insurance by your employer is enough

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.

Myth 7: Insurance is a tax-saving tool

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.

Myth 8: The policy will help only after death

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.

- A Consumer Education Initiative series by Kotak Life

Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.

Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

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