Blog Article

5 Life Insurance Myths Debunked

5 Life Insurance Myths Debunked

Date: 1 September 2021 | By: Marketing

Life insurance isn’t the easiest topic to get your head around at the best of times - but it’s an important part of financial planning and protecting our loved ones. It would be easy to put off thinking about life insurance simply because of common misconceptions surrounding cost, eligibility and process involved in taking life insurance out. So what myths might you have heard?

I have some health problems, so I won’t qualify for life insurance

You’ll be surprised how often we hear this, but we’re happy to say that insurers are more flexible than in their handling of pre-existing medical conditions. The majority of health issues can be covered by life insurance as standard and some insurers will even accept customers who have severe and continuous illnesses.

There is a wide range of insurers across the entire market;  if you are declined by one, you have other options to choose from.

I don’t have a mortgage, so I don’t need Life Insurance

More often than not, life insurance comes hand-in-hand with a mortgage - but no always. If you are a renter, we’d still recommend that you take out life insurance, If something should happen, what would happen to whoever you leave behind?  Your partner? Spouse? Children? Would they be able to meet their rent bills and costs of living if you weren’t here to support them financially?

Life Insurance is too expensive

Historically life insurance may have been considered far too expensive and unaffordable, but times have changed!

Many insurers now offer flexible, budget-friendly policies. Your age, gender, health and lifestyle will also be taken into account, so if you’re looking to reduce your premiums, a change in personal habits such as quitting smoking or upping your exercise may help reduce those premiums.

Life Insurance is pointless and another unnecessary expense

Another statement that we’ve heard all too often. You should consider yourself, your life, and your financial contribution to your lifestyle more valuable than your car, so why wouldn’t you insure yourself? You can take life insurance out at little expense, a small cost that could be as much as your daily takeaway coffee. So do think about it!

Taking out Life Insurance is far too complex

It doesn’t have to be. Talking to a reputable and professional insurance broker will make the whole process that little bit easier (and it’s not that complicated). They’ll be able to answer any confusing questions you may be harbouring and explain the process in layman’s terms.

If you have any further life insurance myths you’d like us to address a member of our experienced advisers will be happy to discuss any queries you may have. To get in touch call us on 01639 262222 or click here.