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Top 5 Life Insurance Myths
Life insurance is one of the most popular types of cover in the UK, because it gives great peace of mind about the security of your loved ones. A life insurance policy will pay out a lump sum of money when you pass away, ensuring that your family can meet the cost of the mortgage and other lifestyle commitments. But whilst life insurance is a useful type of cover, there are a number of myths surrounding it that prevent some people taking it out. Below are some of these common life insurance myths.
Myth 1: You only need to cover the breadwinner
Obviously it is important to take out a life insurance policy for the breadwinner of the family, because if they were to pass away the main form of income would disappear. But if you are a housewife or a househusband, you may also benefit from life insurance cover. If you were to pass away, someone would have to be employed to look after the children and the household, but these costs would be covered by a life insurance policy.
Myth 2: Only people with dependents need a policy
It is true that if you are single and have no one who is dependent on your income then ...
... you will not need the same amount of life insurance cover as someone with children. But if you were to die unexpectedly then funeral costs would have to be met, and rather than leaving those to your loved ones a life insurance policy would cover it for them. Alternatively, income protection insurance might be more of an appealing prospect to you.
Myth 3: It takes a long time to find a policy
Yes, there are a lot of life insurers in the UK, and it can be a time consuming process to visit every one of them directly. One way to solve this problem is to use a life insurance comparison website. This way you can compare quotes in just a few minutes from across the market and choose a policy easily and quickly. With some comparison websites you can even buy a plan online for instant cover.
Myth 4: I used to smoke so it will be expensive
It’s true that if you smoke you will be charged higher premiums for your life insurance because you are a higher risk to the insurer. But if you go 12 months tobacco free then you will be considered a non-smoker by most insurers, so you could save considerable money in the future by quitting now.
Myth 5: I get life cover through work
Your employer-paid life insurance may be sufficient if you are single with no dependents, but you may not get the lump sum you require if you are married or if you have children. It might be that you want to supplement your existing cover with a new policy, or if you move jobs you may lose cover entirely. Speak to your employer for more information.
So there we have it- the top 5 life insurance myths debunked. Whilst life insurance may not be essential for everyone, there are some people who find the cover extremely helpful.
Jamie writes on life insurance for a comparison website, where you can compare life insurance quotes online.
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