There are many misconceptions about term life insurance which make individuals apprehensive about getting one. Life is complicated and exigencies cannot be predicted.
Term life insurance is an investment that protects your loved ones and helps you ensure that your family is financially secured even after your demise.
Myth 1-Insurance cover is not needed by single individuals.
A very common misconception is that only married couples need to purchase term life insurance, but the fact is you must invest in term life insurance even if you are not married you must invest in a term insurance plan for the debts you may have like a car loan, personal loan, home loan or credit card dues.
In the unfortunate scenario, if something happens to you, you wouldn’t want your family members to bear the burden of your debts.
Term life insurance helps take care of all those debts.
Myth 2- Term life insurance is overly priced.
Many individuals avoid buying term life insurance because they are under the assumption that term life insurance is expensive. Well, that is definitely not the case, depending on the term insurance cover, premiums are very much cost-effective, you will be able to choose a term life insurance that fits your needs and also friendly to your pockets.
Myth 3- Once you turn 40 you won’t be eligible for term life insurance.
Often people are under the misconception that once they turn 40 or are older,
they won’t be eligible for term cover, while it is always better to buy term life insurance at a younger ager because you will end up paying less premium, you can always purchase a term life insurance after you turn 40, the ages differ from provider to provider, most provide term insurance cover. if you have not bought term insurance cover till the age of 40 and you are planning to purchase one, you can still do it.
Myth 4- Employer’s group insurance cover is sufficient.
Corporate health insurance is purchased by the employer for eligible employees only and many employees believe that the cover is sufficient for them, such insurances cover only the basic benefits and more than often the coverage amount is inadequate. You must always invest in a personal term insurance plan which offers enough coverage to meet the needs of your family.
- Get a quote online – Want to apply for your life insurance online? You can, with NRI Life Insurance. Get your personalized quote.
- Speak with an advisor – Make well-informed decisions with helpful advice. Talk to our advisor on +1 408-290-4096