Life Insurance Myths

Tenzing debunks some common myths and misconceptions about life insurance.

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"I'm too young"

"I'm perfectly healthy"

These aren't reasons to skip out on life insurance. They're actually advantages to you when it comes to the price of premiums - advantages that will diminish with time.

Here are some common misconceptions about life insurance and why, if you believe them, you should revise your thinking:

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"I'm too young to get life insurance"

This simply isn't true! The younger you are the better. With age comes increased premiums as you're more likely to accumulate health problems. It seems silly then that, by waiting, you're allowing the price of cover to rise...without being covered.

"I'm not the (primary) breadwinner"

Don't sell yourself short!

Any income lost for your dependents can be the difference between financial hardship and security. Furthermore, if you instead do the housework, you're still an important economic input. The cost to replace your work can be extremely dear, especially if you factor childcare into that equation. 

SmartKids International Kindergarten can cost upwards of $13000 USD per year (5 full days a week).

"I'm perfectly healthy"

Don't count on that always being the case. Anything can happen in an instant, especially as you grow older.

If you develop a health problem, you will regret not taking out life insurance earlier as your quoted premiums will have increased.

"I'm a smoker"

It might affect your premium, but it's certainly no reason to miss out on life insurance. The possible additional cost will be worth it in the long run.

"I'm single"

You may be single, but other dependents will struggle without you. Think about whether a parent relies on you or your income, or what care they might need when they grow old.

"I don't have any debt"

With possible funeral costs, which many people don't plan for, and your dependents realising the loss of your income/contribution, debt can quickly pile up. Give your dependents less grief by supporting them financially through a tough time.


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