Insurance for better life

Life insurance is a topic that often sparks confusion and uncertainty for many individuals. With so many misconceptions floating around, it can be difficult to separate fact from fiction. In this blog post, we will delve into 10 common misconceptions about life insurance, providing you with the facts you need to make informed decisions for your family's future. Join us as we uncover the truth about life insurance and empower you to protect your loved ones with confidence.

We’ve entered the market over 20+ years of expertise with the core purpose to protect the quality of people’s lives.

Common misconceptions about life insurance

So, what are some common misconceptions about life insurance?

Misconception 1

Life Insurance is only beneficial after death.Reality: Life insurance is a tool for managing risks associated with both living too long and dying too soon. It can help secure your financial future by providing funds for retirement, covering medical expenses, and building wealth.

Misconception 2

Employer-provided insurance is sufficient.Reality: Employer coverage ends when you leave the company. It may not provide enough coverage for future needs like children's education or retirement expenses. It is advisable to supplement this coverage with a personalized insurance policy.

Misconception 3

Young, single, and healthy individuals don't need insurance.Reality: Life insurance should be purchased before it is needed. It is best to buy when young as premiums are lower and coverage can be extended as responsibilities grow.

Misconception 4:

Life insurance is expensive.Reality: Life insurance premiums can be adjusted to suit your budget. Term insurance offers a large sum assured for a low premium.

Misconception 5

Term insurance is the only type of life insurance. Reality: There are various life insurance products available to address different needs. Evaluate your financial requirements before purchasing a policy.

Misconception 6

Age or pre-existing conditions make you ineligible for insurance. Reality: A higher age can be advantageous for certain insurance products. Term policies are bought to protect future earning potential.

Misconception 7

Life insurance investments do not provide good returns compared to other investment options.Fact: When comparing life insurance products to other investments, it is important to consider all the features they offer. Just like you wouldn't judge a smartphone solely based on its individual components, life insurance policies offer a combination of features such as mortality risks, morbidity risks, longevity risks, guaranteed returns, and market-linked

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One key advantage of life insurance policies is that the proceeds are usually tax-free. These policies are long-term financial instruments that provide competitive risk-adjusted returns compared to other asset classes in the long run.

Myths

Myth 8: ULIPs are not a good investment due to high costs. Fact: ULIPs provide both protection and wealth creation benefits in the long run. Modern ULIPs come with lower charges and some policies even refund charges deducted during the policy term upon maturity. ULIPs offer flexibility and customization, allowing investors to switch between debt and equity funds within the same policy without tax implications.
Myth 9: Insurance policies can only be in the name of the policyholder. Fact: Anyone with a regular income can purchase a policy in their name, or the names of their spouse or children. Some insurers offer joint insurance policies to cover both spouses under a single policy. Parents can invest in a child's plan to secure their children's future needs.
Myth 9: The Policy Can Only Be in the Name of the Person Who Buys It. Fact: A policy can be purchased by anyone with a regular income and who is not a minor. It can be in their own name, or in the names of their spouse or children. Some insurers even offer joint insurance policies that cover both spouses under a single policy.

Parents can invest in a child plan to secure their children's future needs. If the child is a minor, the policy will be transferred to the child's name once they turn 18.Myth 10: Claim Settlement is a Hassle and the Insurance Company Can Deny PayoutFact: Insurance companies exist to pay claims on policies.

The insurance policy is a contract based on good faith and the information provided by the customer. Regular premium payments are necessary to keep the policy valid.Policy payouts cover all types of death, including illness, accidents, old age, war, riots, and natural disasters, except for suicide within the first year of the policy. Insurers are incorporating digitization to streamline the claims process.

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Every family and individual has unique financial needs, so it's important to consult an insurance advisor to find the best plan for you. Comparing policies online from different providers can also help you make an informed decision. Insurance is a valuable investment when you find the right plan that suits your needs. Don't be deceived.

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