We all grapple with our conscience when the time comes to decide on life insurance.
Many valid excuses ( seem valid and real to us and in our minds definitely ! ) come to us.
We justify our negligent attitude towards life insurance.
Read on to understand that these are just myths and excuses.
10 Myths about Life Insurance Busted
#1. It is Complicated and Time Consuming
There are so many insurance companies and so many insurance plans.
Yes, there are !
However, there are so many online and offline facilities to help you decide on the right life insurance plan for you.
A few minutes of your time and a few questions is all it takes to arrive at your plan, sum assured and premiums payable.
A personal financial advisor will visit you on appointment and provide you all the information you need.
They will take care of all paperwork and you only need to lift the pen to sign on the dotted line.
Cannot be simpler, right ??
#2. It is uncomfortable to think about my own Mortality
Oh, you poor thing !
If it is uncomfortable for you to even think about it, imagine how much more difficult it will be for your family to actually face it.
Remember, Life Insurance is not because you will die but because the people you love must live.
#3. It does not seem very important or necessary
Life Insurance should be your first purchase with your first earnings.
It is that important.
It is a safety net which must come first.
It is the language of love that you can speak to your wife, children and aged parents.
Need I say more ?
#4. I cannot afford to divert funds towards premium payment
If you can afford your daily cup of tea or coffee then believe me you Can afford Life Insurance.
It is that cheap !!
Remember that, if you are finding it hard to live within your income …….. how much harder………your family will find it to live without your income ( in the event of the unspeakable happening to you ).
#5. Nothing will happen to me
That is the best news ever !!
If you have been bestowed with immortality, do share with us.
Unfortunately, all born must die certainly. It is the only certainity of an uncertain life.
#6. I am young and fitness conscious – I don’t need Life Insurance
You are young today…will you continue to remain young 20 or 30 or 40 years from today ?
Wisen up and face it.
Moreover, the younger and fitter you are the cheaper are your insurance premiums – so go for it TODAY.
#7. I can take Life Insurance later. It’s not urgent, right ?
Picture this scenario… you are walking down the road and a car hits you. You die on the spot.
Your widow and kids and aging parents will not understand why you thought that life insurance was not a priority.
It would have helped your parents pay off the student loan that you had taken to get your MBA degree or your wife to pay off the home loan or your kids to continue with their education in reputed institutions.
Insurance is a protection pill that you must swallow TODAY.
#8. I can divert my money to investment avenues where it will grow
This is where the knowledge of different insurance plans will help.
Unit Linked Insurance Plans, Endowment Plans offer you a very good component of savings and investment along with their primary role of protection.
Use the services of a financial planner to know more about this.
Remember along with good ROI you can get life Protection too.
#9. I am not married yet and have no family liabilities
You may not have a wife and children but you may be having aging parents and a business start up.
Your aging parents may have co-signed on that student loan that you took.
Don’t leave them with the debt along with the emotional trauma of facing your absence in the case of any eventuality.
Your business start up partners and buddies will also face financial problems and may struggle to survive without you and your fund input.
Moreover, the golden rule to insurance is the younger you are, the lower your premiums.
#10. I Have Company Insurance
This is never adequate.
At best, it will be 2 or 3 times your annual salary.
Adequate insurance is at least 10 times your annual salary.
Also, with company insurance you lose that coverage when you change jobs and leave that company.
So do not bank upon the insurance that your company provides to you.
Bust those myths that you believe about Life Insurance.
Your life is your most important asset.
The need for insurance is very real. Get smart about it.