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 fail to take out life insurance due to the misconceptions surrounding cost, eligibility and process. But we are here to clear the fog and debunk the common life insurance myths that you may 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 ever these days in their handling of pre-existing medical conditions. The majority of health issues will 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 what if you don’t have one? We’d recommend that you always take out life insurance, even if you are a renter. If something should happen, what would happen to whoever you leave behind. Would they be able to meet their rent bills and costs of living? If they couldn’t, then you should consider taking out a life insurance policy.
Life Insurance is too expensive
Historically life insurance may have been considered far too expensive and unaffordable, but oh, how times have changed! Many insurers nowadays offer budget-friendly policies with flexibility. 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.
Life Insurance is pointless and another unnecessary expense
Another statement that we’ve heard all too often. You should consider yourself more valuable than your car, so why wouldn’t you insure yourself? You are able to 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.