6 common myths that people believe about life insurance

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6 things people believe about Life Insurance
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Here are 6 common myths that people believe
about life insurance.
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1. I dont need life insurance if I dont have
children
We commonly consider life Insurance as security
for those with children. Regardless of the fact
that you don't have children, an extra security
strategy will help in paying off the liabilities
and give money related backing to your wards like
your mate and elderly guardians.
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2. My employer insurance is enough
Group life insurance is an advantage that may
look valuable, however it may not be sufficient
to cover your present and future liabilities.
They have limited scope when it comes to
personalizing with riders and other benefits. On
the off chance that you quit your job, your scope
closures and portability is not possible as you
were never the owner of the policy.
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3. Im too young to think about life insurance
You will get an affordable policy with lower
premiums when you're more youthful and more
healthier. On the off chance that you begin
early, it will help you in future as your family
estimate and financial responsibilities increase.
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4. Life insurers never settle claims
Insurance agencies exist to secure their clients,
and their reputations are built on that. They
make public their claims settlement ratios for
consumers as well. If you provide accurate
information and regularly pay your premiums, you
should feel confident your claim will be accepted.
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5. I only need a sum assured that covers my
income
In case you're not around, your family will
require enough cash to cover the loss of your
regular income, liabilities. for example, EMI
instalments and your childs education or any
outstanding debt.
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6. Multiple insurance policies mean extra
protection
Most personal finance advisors dont see a
rational need for two policies. You need to
remember to pay multiple premiums, and undergo
separate medical exams and KYC processes. If your
liabilities and needs have grown, simply opt for
a higher sum assured when your plan comes up for
renewal.