While there are misconceptions surrounding Life Insurance, we thought we’d debunk the top 3 myths for you that you should know before buying any insurance product. While it continues to be the strongest financial pillar for you and your loved ones, it is still not known to many of us. After extensive research and questionnaires, we came across the three most common myths that blindfold people out of Insurance.
- Is it only useful after the Policyholder’s demise?
- I am Young, Independent, and Healthy, Do I Still Need It?
- Insurance is only for saving tax.
Is It Only Useful After the Policyholder’s Demise?
No! Insurance policies are made to provide protection to you and your family during a crisis but the above benefit not being the only objective, it can also help you to build a corpus fund for yourself so you can live a comfortable life post your retirement and also takes care of your extensive medical bills.
I am Young, Independent, and Healthy, Do I Still Need It?
Life is full of surprises. One can never be mentally prepared but one can always be financially prepared and assured. Even if you are young and healthy, you might encounter a mishap at any point. In the early ages of earning, you are unlikely to have enough savings to cover major expenses. Life insurance can cover up your inconvenience at any point in life, even when you are at peak of your health. It ensures that your family does not have to face a lack of capital during a time of uncertainty.
Insurance Is Only For Saving Tax
It is true that Life Insurance comes with the advantage of tax deductions under Section 80C, but that is not the only benefit. Apart from tax deduction benefits, the payout from your insurance policy can take up the monetary needs of those who are dependent on you. The corpus accumulated by the maturity of your insurance product can take care of your future financial needs.
Are you someone who is still confused about Insurance and benefits? Reach out to us!
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