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TOP 7 MYTHS OF LIFE INSURANCE

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I do not need life insurance cover

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An individual who has no dependents (family members) and do not have any liabilities can skip buying a life insurance plan

But you may have dependents in coming time. One can begin with small cover in the beginning and increase cover later. As buying fresh cover at later stage will be relatively expensive.

I am covered by my Employer

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The employer cover is usually not extensive both in terms of coverage amount and benefits.

One may shift from one job to another

Buying an individual life insurance cover gives you much more flexibility

I am too young to buy insurance

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Buying at early stage gives you way more benefitsThe premium is cheapA person can clear medical tests easily

If you postpone it for later, not only premium will be higher but life insurance can be denied in cases of health issues

I already have life insurance plan

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You cannot buy insurance and then forget about it

Constant checks should be made to ensure the appropriateness of cover amount

If your liabilities have gotten more, you need to pump up cover amount

If your liabilities have decreased, you can reduce cover amount and save on premium amount

I am covered with investment plans

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Many life insurance investment plans provide cover and investment options

However the cover amount is very limited and not enough to cover your financial burdens

A separate term life insurance policy should be bought as its objective is to provide life cover only

Life Insurance is too expensive!!

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There is misconception that life insurance is very expensive

Term insurance- a category of life insurance plan is very cheap

You can get very high cover amount by paying pretty low premium amount

Buying life insurance is complicated

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As more and more life insurance plans are being put online, the process could not be more easy

All you need to do is to fill proposal form, provide some documents and make payment.

When you apply online, the full process is completed within few minutes

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