Life insurance - myths and realities

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Know about the myths and realities of Life Insurance.

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  • Life insurance - myths and realities

    1. 1. Life InsuranceMyths and Realities…
    2. 2. Life Insurance and MythsLife Insurance is not as valued as it was. People value life, butforget that they can protect it with an insurance cover.Life Insurance is complex but just looks ordinarily simple.Research has reveled many times that an employer paidcoverage is not enough to take care of people and theirfamilies.Here are some of the myths about life insurance and therealities.
    3. 3. Life InsuranceMyth 1:I am single and have no dependents;therefore, I don’t need coverageReality:Life Insurance also covers the costs of personaldebts and other bills. If uninsured, you might leavesome debts for your family. You can also leave alegacy to a good cause or charity, with life
    4. 4. Life InsuranceMyth 2:Life Insurance Coverage = Twice YourAnnual SalaryReality:The amount of life insurance coverage depends onyour circumstances. Other than paying for medicalbills, you might also want to pay mortgage andprovide for your family. An analysis of your cash andrequirements, will help determine the right amount.
    5. 5. Life InsuranceMyth 3:Insurance Coverage at work is sufficientReality:Well… maybe yes, maybe not. If you are single withmodest means, then maybe yes. If you have a familyor dependents, or you know that you will have to paybills and taxes later on, then additional coveragemaybe required.
    6. 6. Life InsuranceMyth 4:I have to have life insuranceReality:That’s true in most cases. But if you have yourmedical and other expenses covered, life insurancemay be optional for you then.
    7. 7. Life InsuranceMyth 5:Life insurance coverage is only for breadwinnersReality:A homemaker takes care of many things includinghome and children. If they are deceased, then itcosts more than the breadwinners insurancesometimes. It is therefore important to insure yourspouse.
    8. 8. Life InsuranceMyth 6:Investing money elsewhere is better thanbuying insuranceReality:Till the value of your assets exceed your debt, you needsome kind of insurance cover. Depending only on yourinvestments in your early ages, having dependents and nothaving any insurance cover might not be a great idea. Therewill nothing that will provide for them if your assets are alsogone.
    9. 9. Call Insurance is an insurance provider that offersinsurance plans for Australia.The insurance plans are flexible and can be tailoredper your needs.Visit www.callinsurance.com.au for more.You can also contact us directly.Call us at 1300 073 305; write to us at admin@callinsurance.com.au

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