Life Insurance can be quite intimidating if you're unsure about it. Maybe you have some preconceived ideas about who needs life insurance, so we've decided to debunk some outdated myths that you may still believe.
"I'm too young to get Life Insurance"
Life insurance isn't for any set age. You can start your Life insurance as young as 17, all the way up until you're 65. This will then cover you, up until you're 90 years old. Also, the younger you are, the cheaper your policy will be. If you're in your 20's, healthy, and non-smoker, you can get life insurance for as little as £5 a month. If you take out Level term Life Insurance, this will be your fixed premium up until your policy ends, or you change your policy.
"Life Insurance is too expensive"
As mentioned previously, Life insurance can be affordable, with some policies starting from just £5 a month! These prices will be affected by your lifestyle. If you're a smoker, this could increase your premium. Your hobbies could play into effect if you partake in any dangerous hobbies. Your age could also have an effect, so the younger you start your policy, the more cost-effective it will be.
"I'm not married, I have no kids, and Iive at home. Life Insurance isn't for me."
Although life insurance is highly beneficial to those with families and houses, as they not only have themselves to protect, it can still help in other aspects. Whether you've just finished University, and you've now got debts, these could be paid off. The payout could also provide your family with financial support with funeral costs.
"My job provides me with Life Insurance, so I don't need it."
Although this may be your current circumstance, what happens if you change employer, or if you're made redundant? You will no longer be covered, and then finding a low rate on a life insurance policy will be difficult as you get older. So considering getting a policy younger, where the premiums are cheaper will support you in the long run if something were to happen to your employment.
"Life Insurance is only for funeral expenses."
Life Insurance can be used for your funeral expenses, but it can also be used for much more. The lump sum payout could be put towards paying off the mortgage, or maybe support your family financially for a few years while they establish their financial stability after losing a family member, and a source of income in the household.
"You have to get a medical exam to get a Life Insurance policy"
When applying for Life insurance, you may be asked to provide some Health details, such as age, weight, whether you're a smoker/non-smoker, and if you're currently experiencing any health issues, or previously have. They will also consider your family's health, and whether you're likely to develop any hereditary conditions. These standard questions are asked to determine what Life Insurance coverage is most suitable for your circumstance.
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