Unlike acquiring car insurance which is a necessity in the UAE, Life Insurance is something people often try putting off to a later date. This is mainly because there are plenty of myths and misconceptions about life insurance doing their rounds around town. This type of insurance is important to safeguard the well-being of your loved ones in the event of something unfortunate happening to you. Read on as we attempt to put all your queries and questions to rest by ironing out the details about the top myths/misconceptions about Life Insurance.
There is only one best form of Life Insurance
Thanks to hear-says, people perceive that there are fixed types of Life insurance policies and we are all compelled to choose from just those few off-the-shelf type options. But it’s actually quite the opposite. Policies can be tailored to suit your needs and provided as per your situation status.
Salary determines your life insurance
One of the top myths is that you must insure yourself based on the salary you earn. However, that should not be the basis for acquiring a policy such as this. It all depends on the assets you have to protect, the number of dependents and their needs, and other personal factors. A co-worker earning the same salary as you might have a different set of priorities and hence, you cannot base your insurance as per your salary.
Insurance from work is enough
Your insurance from work might not fully cover all your family’s requirements as it has certain limitations. Your work insurance might not be sufficient to take care of all their expenses especially long-term ones as well as your pending dues.
Stay-at-home spouses do not require life insurance
Even if you aren’t the sole breadwinner of the family, it is always advisable to apply for Life Insurance. This will help with handling auxiliary expenses, child care and overall household management if something unfortunate were to happen to you.
You can’t get it if you have health issues
Here’s another popular myth. But as it goes, if you suffer from health conditions like high cholesterol, diabetes or arthritis, you can still get the insurance however, it will be slightly more on the expensive side.
You are too young to worry about it
One might think they are too young to worry about things like life insurance and the sorts. But quite contrary, this is in fact the perfect time to think about this aspect. When you are younger, the premiums you pay are less expensive as opposed to when you get older. Later in life as you age, the premiums get more expensive and might even go higher if you develop a medical condition at this older stage. Hence, it is highly advisable to acquire life insurance early on in life rather than later. Also, life itself is unpredictable so it’s better to be prepared especially if you have loved ones that depend on you. In this way, your costs of medical bills, personal debts, or even funeral expenses will be well taken care of.
Life insurance is expensive
Most often, many overestimate the cost of obtaining the insurance but what many don’t realize is that there are various types of policies that are priced differently to suit people’s needs. Also, as mentioned above, it works out cheaper if you acquire life insurance at a younger age.
The many myths and misconceptions about Life Insurance floating about makes it tough for people to choose the best option out there that will truly benefit their loved ones. We hope shedding light on the major hear-says helps you better understand Life Insurance, its policies and the advantages of acquiring one for the sake of your family. Head over to BankOnUs to know more about the best Life Insurance policies on the market.