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Myths about insurance

It is important that the decision on life insurance is taken via thorough research. Therefore, we offer you answers to the five most popular myths about life insurance.

I'm too young to think about it

In fact, life insurance is most affordable when you are young, because it is cheaper, and the risk premiums are less than during the years of maturity or when you have any health problems. In addition, especially when starting their working life, people often do not have any additional savings in case of an accident that limits their ability to work and earn a living for a while. You really have to think about your life insurance before it is needed, just as you do with your car and home insurance.

Life insurance is expensive

Most people overestimate their costs for insurance services, before they have found the actual amount by their insurance specialist. The insurance payment is determined by the age and health status of the insured person, and also the insurance amount. Apply for a consultation and find out how much your life insurance would cost!

Not everyone needs life insurance

Actually, it could be acceptable when talking about people with substantial means or savings, completely debt free and without dependent persons. The usefulness of life insurance for these people indeed could not be essential. If the amount of their savings can cover any unforeseen expenses, medical or funeral expenses resulting from an accident, and if they do not leave any dependent persons, or unsettled loans after their death, life insurance may not be necessary indeed.

It is better to accumulate this money, rather than to buy life insurance

Life insurance provides a sense of security from the first days of insurance – in case of an accident or death your family will get the indemnity payment. It takes a while when accumulating or investing money to achieve the amount of savings of a size you could count on. However, it is also possible to shoot two birds with one stone – by choosing  life insurance with savings, it is possible to insure your life and accumulate money. In this case a part of the contributions are directed to the savings and a part to the life insurance premiums.

The amount of life insurance must be in the amount of one year's salary.

Your salary is only one of the factors to be taken into account. Everyone should evaluate the amount of the life insurance individually depending on their lifestyle, financial capabilities, dependants (spouse, children, parents). Credit liabilities must be one of the most important factors taken into account. If the supporter gets into trouble and loses capacity temporarily or permanently, the problems with the loan payment may affect the whole family.

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