Whenever something new starts to emerge, there always seems to be lies and all sorts of truths about it. Some take information from unrelated sources and link them together. Others simply start saying something in an effort to gain recognition and attention. It often takes a while for the air to calm down and grasp the roots of truth. Stretching, the truth always stops at the end of the day. The scenario is no different when it comes to insurance matters. Misleading information pushes those who will benefit from it to lose and often regret it. To clear the air on such matters, here are some lies and half-truths to chew on and thus give the tangible truth about the whole life insurance coverage issue:
one. I have no dependents so I don’t need insurance
Insurance is useful primarily to help you, not just your family. For example, in case of death, the insurance company covers your funeral and burial expenses. Their absence means that your unexpected departure will cause your family members to suffer to cover your sudden emergency bills for your funeral. Apart from that, you can also enjoy the benefits of paying medical bills and even getting financial assistance to pay off debt and mortgages.
2nd. I got insurance at work, I don’t need more
Depending on the number of dependents you have, your workplace insurance may not be sufficient. Also, a non-work-related risk situation, such as an accident at your home, does not qualify you for any financial coverage as it is not eligible for the job insurance mandate.
3. I prefer to do term instead of whole life insurance
This statement is not that wise. All life ensures that in the event of your death, you receive compensation by paying all the necessary bills and giving the beneficiaries what they need to get. On the other hand, term insurance is hard work. For example, if a term expires and you want to renew it or not, the insurer will give you the money back. Misusing or keeping money out of reach can be dangerous in the event of your death and make any effort to invest in insurance companies pointless and futile.
It is often best to get the facts right in order to make sound judgments and draw conclusions on insurance-related matters.