If you thought that getting Life Insurance is no less than climbing Mount Everest, then you need to re-consider your perception. It’s natural for humans to “give-in” to the never ending instructions in the manual thus creating hype that getting Insurance or for that matter “Life Insurance coverage” is quite cumbersome.
The following article will give you a sense of Top 5 life Insurance Myths which do not have even the remotest of reality.
Being single I do not have any reason to apply for insurance coverage
Life has various ups and down and finance backup has to be done in order to face any sort of eventuality. A single person has its own wants. Therefore, life insurance can help you towards covering the cost of personal debts along with the bills related with medial and funeral. If in case, the amount turns out to be surplus, it can be given to charities as they are doing a selfless work in directly assisting downtrodden. Such god-gifted institutions will indeed work wonders for your eternal peace and blessings after you are no more in the worldl. It can’t get more divine than this for sure. Isn’t it?
I do not need life insurance since I have insurance coverage at work
You have your spouse and lovely children whom you love the most. Isn’t it? Won’t you think about them in case of your sudden demise? There are host of other expenses which can crop up and therefore, it becomes imperative for additional coverage in order to make sure that your family was, is and will be happy for ever as well.
My life insurance coverage just needs to be “double” to my yearly salary
Every person has their own set of requirements and needs. Apart from the bills, there are other aspects in the form of paying debt concerning with your mortgage. It is imperative for you to get a hold of the exact amount of insurance which you need for yourself. Hence, there is no parameter that it should not be double to your annual salary.
I can better put my money to other use than getting Life Insurance
In a life with full of uncertainties, you never know the state of affairs which will happen next. If you survive only on the investments, then you cannot afford to take risks owing to the fact that you do not have back up as your current assets are depleted. Therefore, secure your family if you are no more in the world and it can only be done with life insurance. Isn’t it?
My term policy should have return of premium rider
The ROP rider is in direct relation with the amount of risk which you are capable of, coupled with the planning of your investment. You can get a detailed sense of the whole situation by resorting to the cash flow analysis which helps you towards letting you know whether you should go towards investing in the policy itself or some where else.
Finally, after reading the aforesaid top 5 life insurance myths, you will remove various perceptions which have been daunting up till now. Hence, insurance will not be a subject which gives you headache. Now, you will not feel depressed and saddened due to the long and tire some paper work attached with the same as well. The amount which goes through buying Life Insurance gets more with the passing time, therefore, insure it in order to lead a life of dignity and respect since you have to eventually get it sooner rather than later. Isn’t it?