There are plenty of myths about life insurance. It’s time to debunk them!
'I can’t afford it'
Put some basic information into a price comparison site and you’ll probably be pleasantly surprised. Life insurance isn’t as expensive as you might think. And the younger you are when you take out cover, the cheaper it will be.
'The state will take care of me’
State benefits aren’t as generous as you might think and can be complex to arrange. Currently, statutory sick pay is £88.45 per week (figures correct as at September 2015) although exactly what you might get will depend on your personal circumstances. Would your loved ones be able to pay the mortgage and the bills with that?
'I’ll never need it'
With all types of insurance we tend to think that we won’t ever need to make a claim. Yet sadly thousands of families every year claim on their life insurance. Once you have cover in place, you can relax knowing that the safety net is there should your family ever need it.
'Insurance companies never pay out'
According the latest Association of British Insurers report, 97% of protection claims were paid out. For the remaining 3%, the most likely reason they didn’t pay out is because the policyholder didn’t provide correct information when they took out their policy.