It can be tricky to navigate the world of life insurance and it’s common to think you can get away without the protection. However, to help make sense of all the contradicting ideas around, we explore some of the most common life insurance myths and unveil the truth behind them.
Myth 1: Life Cover is Too Expensive
Many people cite cost as a large factor for not having life insurance. While prices do differ based on your age, health and lifestyle, many insurers offer cover starting at as little as £6 per month, it can actually be much more affordable than many assume.
Myth 2: I Don’t Need Life Cover If I Don’t have Kids
Yes, protecting your children should you no longer be around is a popular reason to take out life cover, but that doesn’t make it the only reason. It can also be important for homeowners to cover the cost of their mortgage and for couples to cover each other. Life insurance helps to ensure that all your loved ones, not just your children, avoid any financial stress associated with your passing. Furthermore, insurance plans last for upwards of 20 years, so even if you don’t have children to support now, that doesn’t mean you won’t in the future.
Find out why millennials should consider life insurance here.
Myth 3: I’m Young and Healthy. I Don’t Need It.
Yes, you may be young and in good health, but that’s actually the perfect time to buy life insurance. The younger you are, the cheaper your premiums so locking in these prices at an early age can get you better value in the long run. Also, you never know when your health may deteriorate so it can be worthwhile to get cover now instead of leaving it and taking the risk that it could be too late.
Myth 4: My Employer Takes Care Of It
Many employers do still offer some form of life cover, however this is usually just a few years’ salary and it is very rare that it will be sufficient to cover everything, including your mortgage. Getting an additional policy to supplement your employer’s cover could make sure everything is protected and that you remain covered, even if you move jobs.