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Asked by AL MaMun (4 Golds) Tuesday, 08 Oct 2019, 08:46 PM at (Consultancy Business)

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5 Common Misconceptions About Life Insurance

Most of us do not feel comfortable talking about death. Nothing can be more unpleasant than thinking of the death of a loved one. That's why most people are reluctant to learn about life insurance or to talk to an insurance agent.

In our society, there are various misconceptions about life insurance that have not been broken or are not addressed to us in the right way. A life insurance can completely change our life, but we are still far away from hearing the word 'life insurance' or even 'insurance'.

Let's look at the 7 most common misconceptions we have about life insurance:

1. Life insurance means that only death can be paid for insurance

When we think of life insurance, most of the time it is thought that the claim money will be available only on the death of the insured. But that is not always the case. In addition to buying a reserve insurance in our country, many other associate insurance (rider) can be taken away which offers various benefits during the insurance period. It may be medical, may have a disability or the cost of a complex disorder may be very expensive. There are also various types of education insurance or child protection insurance to ensure financial support during the child's education. Besides, there are various stage schemes which are paid by the insurance company to the customer during a certain period of time during the insurance period, so that the customer can implement various plans during the term of the insurance. So insurance is not only a matter of life insurance, which is paid by the insurance company at the time of death, but also during the insurance period, a customer can get various benefits that will meet his or her financial needs or help in implementing future plans.

2. I am very young, I do not need life insurance

There is no age limit for taking out a life insurance policy. However, according to different companies and policies, there is a maximum age limit for which one cannot buy the policy if he is older. Generally, more than 5 percent of working age people between the ages of 3-5 years suffer the traumatic death of their family due to infertility or physical disability. In this case a life insurance could provide financial protection and emotional peace for those families. You can also save a great deal of money on insurance premiums at a young age. And the less you can insure, the real money is good because if you are younger then the same amount of insurance comes with a much lower premium than a person who is younger than an older person.

3. I was not married, what will I do with life insurance?

Tragic events can happen in anyone's life, whether they are single or married or without children. Anyone can benefit from life insurance. Even unmarried people can retire by leaving large amounts of debt unpaid, which can be repaid with their family insurance claim money.

4. I have no physical problems, I don't need life insurance

You may be healthy, but that can be no excuse for not having life insurance. In this regard, many would agree that in the event of illness, we may think of death more often than usual. That's why we feel the need for insurance is even higher. And it is really important to insure when in a healthy state and to enjoy its benefits when ill. Because no company will insure a sick person. So the best time to insure is in a healthy state.

5. My office has group insurance, no insurance required

Generally, the insurance provided by companies is two to three times the annual death penalty, which in most cases is not enough. Moreover, group insurance is a type of term insurance where there is no scope for savings. The individual needs of each individual are different and there are many differences in financial affordability. As a result, group insurance, which is taken into consideration by all employees, is naturally unable to meet the individual needs of each individual. For this reason, other savings insurance or Term Life Insurance (the only Term Life - EasyLife prevailing in Bangladesh) may be the most suitable solution.

6. All insurance companies are fraudulent

This is another common practice in our society. Mainly responsible for this are some unscrupulous insurance companies and a bunch of executives who are also doing good work insurance companies. But there are also many good insurance companies in the market. You can easily collect and verify the information of any insurance company. There are many good companies in our domestic insurance companies as well. You can also get an idea of ​​the right insurance companies by looking at the insurance companies' own websites, insurance development and regulation authority websites, newsletters and financial statements of the companies. Guardian Life Insurance Limited, founded by three reputed companies like Apex, BRAC and Square, is an internationally recognized insurance company in Bangladesh. You can also insure your choice from here.

7. Life insurance is expensive (expensive)

This is one of the misconceptions about insurance. Many of us think life insurance is too expensive to pay for pledged protection. This idea is more prevalent among young people

Answered by AL MaMun (4 Golds) Tuesday, 08 Oct 2019, 08:47 PM

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