Explain the 7 false myths about life insurance. Myths are beliefs that are considered true in a culture or community, even if they are a half-truth or an absolute invention.
They can be myths as epic as Thor, the God of Thunder or more every day like myths that are created about things that affect us in our lives: a certain diet, sex or … life insurance.
Here are some myths about life insurance:
You do not need a life insurance
This one is the most recurrent. Many people who do not have a partner or family think that they do
not need life insurance. Whether you have a partner, children, or not, or even if the intention is not
to have them, life insurance is important for everyone. In addition to death or disability, it covers
many other contingencies that we will explain on the following points.
No one is exempt from any mishap, so forget about «I’m young, what’s going to happen to me?»
Life insurance is very expensive
Another misconception about life insurance.
Life insurance allows you to acquire various coverages, on this wise, you can start with a policy that
fits more with your current financial possibilities and that, in addition, you can modify in the future.
The life insurance’s price will basically depend on your age and the amount of compensation you
want to receive should something happen, which is called the insured capital.
Life insurance only covers disability and death
It is true that these are the two main coverages of life insurances; nonetheless, in addition to these,
there are also other additional coverages such as psychological assistance or money advance in case
of serious illness, medical or even legal assistance, among many others.
Life insurance is more expensive for women
Since 2012, the European Court of Justice has prohibited gender discrimination on the price when
contracting this type of policy throughout the European Union. In such manner, Spanish women who,
according to INE data, live an average of five years longer than men, will pay the same for their life
insurance policies.
I will not be able to save with my life insurance
Life insurances, in addition to pension benefits, are also increasingly effective saving instruments.
Depending on the modality, some of them allow the possibility of redemption at a certain time,
which makes them a savings product to be considered by the insured.
It is mandatory to take out life insurance with the mortgage
One of the most common confusions.
Although it is advisable to take out life insurance linked to mortgage loans, it is not mandatory in any
case. This time the important thing is that life insurance covers 100% of the loan to be able to face it if
income is affected in the event of death.
It is not possible to contract life insurance if I have a disease
Regardless of whether you have a disease (chronic or not), you could take out life insurance. Once
the particular case of the insured has been studied, the insurance company could process it in an
ordinary way or by requiring a special surcharge.
We hope this article has helped solve your doubts about life insurance and the myths around them.
As it is commonly said, «don’t believe everything you hear.»
If you want health insurance with a health portal in which quality information is not lacking and with
a complete digital health service, take a look at ABR Seguros.