The popular belief goes that life insurance is only useful in death, so why is it called life insurance? Well, that’s a common myth surrounding life insurance. Given life insurance is a financial instrument, you need to go through and sift through a lot of details to know the ins and outs of it. So, to make your life a bit easier, here are some life insurance myths you can forget about in 2023. But wait, there’s more; why only stop at busting myths? Here are some life insurance facts in 2023 that you should remember.
Life Insurance Myths You Should Not Believe In 2024
Term Insurance Policies Are Your Only Option
Term insurance policies have low premium payments and impressive coverage, which makes it a popular choice for insurance policies. However, term insurance policies have limited returns if you complete the term of the policy. This is not true. Based on your needs, you have a variety of insurance policies at your disposal.
If you want life coverage while also growing the money you invest, you can go for market-linked schemes like ULIPs. Money- back policies can also be an option if you are not looking for a risk- based investment.
You Don’t Need Life Insurance Because You’re Young
Life insurance policies are crucial for protecting your future, especially when you’re young. Think of them like an investment where you will get a set return after a period. You can go for market-linked insurance policies where the returns are variable or regular policies where you get fixed returns on your investment.
And as an additional benefit, you have life coverage that allows you to protect the financial interests of your loved ones. However, it is also a great way to learn to save money and get a healthy return on your investment in the future.
Employer Coverage Is Enough Life Insurance
Corporate life insurance is adequate only if you plan to stay on the job for the rest of your life. If you change jobs, you will need to get coverage again from your new employer. To ensure your family is secured, you need to ensure you have separate life insurance that protects the interests of you and your loved ones.
Life Insurance Facts 2024
Now with the life insurance myths debunked, let’s learn about the truth behind these myths with the most important life insurance facts you should know about in 2023.
There Are Various Kinds Of Life Insurance Policies
Term Insurance
Life Insurance
Retirement Plans
Money Back Insurance
Unit Linked Insurance
Endowment Plans
These are just some of your choices when purchasing a life insurance policy. You can go through the detail of each of these insurance types and buy the one that suits your need the best.
There Are Specific Life Insurance Policies For Young People
From money-back policies to retirement plans, specific policies cater to the needs of the younger generation. With these policies, you get payback on maturity along with death coverage.
You Can Get Additional Life Insurance Even If You Have Employer Coverage
If you have comprehensive coverage from your employer and don’t need additional life coverage, you can opt for ULIPs. These policies are market-linked and offer high returns based on the undertaken risk.
Conclusion
Now that you know the truth behind life insurance myths and facts, you have fewer reasons to be wary of them and more reasons to invest in them. If you had believed in any of these myths, congratulations, you now know the truth.
So, with this new knowledge, make sure you secure your future with a life insurance policy.
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