Everyone who’s living should have life insurance, and yet there is so much gossip surrounding this type of insurance policy that stops people from investing in it.

Here at Cuuver, we thought we’d squash the rumours around life insurance and reveal the real answers to the popular myths you’ve heard floating around.

  1. There’s no need for life insurance

Life insurance is available to protect not just your life, but the people in your life. It exists to cover financial loss if anything bad were to happen to your and, as a result, your family.

There is every reason to get life insurance, especially if you have a mortgage or a family. It doesn’t matter how old or young you are, life insurance should be one of your outgoings.

  1. You don’t need life insurance if you are young and healthy

Strangely, a lot of people assume that if they are young and healthy, they don’t need life insurance. At this current time, you may well be fit and healthy, but what about later on in life? How can you guarantee you’ll be this fit and healthy forever? You can’t, and that’s precisely what life insurance is for – to protect your finances in case your good health ever happened to deteriorate.

Investing in life insurance is based around preparing for the unlikely. You could be very fortunate to never have any issues that require you to use your life insurance cover, but that’s simply a bonus; it’s not a risk worth taking.

  1. You can’t get life insurance if you have already had health problems

This rumour has been heard by many, but is definitely not true. Yes, your policy may incur larger costs and extra information, depending on what health conditions you have, but unless you have a severe illness, you can usually buy term life insurance.

If you suffer from arthritis, diabetes, high cholesterol or other long-term health conditions, don’t let this stop you from purchasing life insurance cover.

4. Life insurance isn’t necessary if you’re aged over 50

In our later years, it can be easy to assume life insurance cover is no longer needed, especially if you are retired and financially stable. However, if you have children or grandchildren that are still in private education, higher education, need funding for a work placement or suffer from a mental or physical disability, there are costs involved that can be eased by having life insurance. Remember, the reason we take out life insurance is to leave a financial legacy behind. So, the rumours are wrong; if you still have relatives who will be affected by your loss financially, life insurance is definitely necessary.

5. Life insurance provided by your employer is enough

If you are lucky enough to get life insurance cover through your employer, that’s great, but that’s not actually enough to cover if anything were to happen to you; you still need to take out a policy yourself.

 

Get a quote here today to compare affordable life insurance policies and find out more about getting Cuuvered.

This should not be constructed as advice and is guidance only.