Feeling confused what’s fact or fiction when it comes to life insurance?
Here’s what you really need to know…
First off, we must address that there’s a lot of misleading information and inaccurate perceptions out there. Which is why, our team at LTC Mortgages want to debunk the many myths surrounding life insurance and instead enlighten you with the facts.
We’ve complied a handy life insurance myth-busting guide, designed to clear up common misconceptions about life insurance, and help you get the cover you need.
Life Insurance Myths vs. Facts:
MYTH #1
I’m too young to need life insurance.
FACT
Life insurance is cheapest when you’re young and healthy. By locking in the best rates early, you could save yourself thousands in the long run.
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MYTH #2
Life insurance is too expensive, I won’t be able to afford it.
FACT
Many life insurance plans cost less than your daily coffee. Cut back on a few per month and you won’t even feel the difference financially.
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MYTH #3
I’ll just get in later, when I need it.
FACT
The longer you leave it, the more it will cost you. Or worse, you could be denied coverage due to health changes.
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MYTH #4
It’s only helpful if I die.
FACT
Policies such as Critical Illness Cover and Income Protection would be of massive help should you become seriously ill or unable to work.
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MYTH #5
Only people with children need life insurance.
FACT
Life insurance can pay off debts, cover funeral expenses and help your partner should the worst happen to you. How would your partner cope financially without you?
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MYTH #6
I don’t have the time to fill out lengthy forms.
FACT
Many insurance policies are fully digital and can be approved in minutes.
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MYTH #7
I don’t need it, as my job provides coverage.
FACT
Group policies usually aren’t enough, plus they usually disappear when you move jobs.
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The bottom line
Life insurance is about peace of mind, it’s a way of protecting the people you love from financial hardship, should the worst happen to you. Don’t let myths and false information stop you from getting the coverage you need.
Contact us
Speak with an adviser at LTC Mortgages today to get your FREE LIFE INSURANCE QUOTE.
Insurance providers include Aviva, British Friendly, Cirencester Friendly, Guardian, Holloway, HSBC, L&G, LV, National Friendly, Royal London, The Exeter, Vitality, Zurich.
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