Life Insurance Myths – BUSTED!

Life Insurance Myths – BUSTED!

MythBusters aren’t the only people who have their work cut out for them – we encounter plenty of myths in our line of work too! Which of these myths did you believe?

Life insurance is expensive

This myth is so common, we often wonder how it started. A large percentage of people who don’t have life insurance often say they are strapped financially, hence they cannot spare cash for life insurance.

Would you believe us if we said, all you need to spare is around RM30 a month for a life insurance policy worth RM250,000? All you need to do is go online and check out the prices – it’ll help you make an informed decision!

Life insurance is a ‘medical card’

Contrary to popular belief, a life insurance policy won’t pay for your hospital bills. For that, you need a medical card and you can get that here.

A life insurance policy is a promise to your family that they will be financially secure once you’re gone. The payout will help your family manage expenses when you are no longer around. Basically, it’s peace of mind on a paper!

It’s better to save money than to have a life insurance

We beg to disagree, simply because this myth is like comparing apples and oranges. Saving funds for a rainy day is super important, and everybody should do it (10% of your gross salary per month is a good number!).

However, when you buy life insurance, you’re not saving money for yourself – you won’t be using this money for travels, or to buy something you like, or for repairs. It is literally paying the equivalent of a fancy dinner every month, to provide for your family after your demise.

Life insurance is not for young people

Nooooo – please don’t believe this myth!

Life insurance is a lot cheaper when you are younger and fairly healthy. The longer you wait, the more likely you’re going to develop a health condition that will make life insurance expensive for you. Your application may even get rejected! You can start with a basic policy and upgrade as you move up your career ladder.

These are some of the more popular myths we have heard of. Do you know any that you need us to debunk? Let us know!

If you’re looking for a life insurance policy that is simple and easy, try this: eLife Protector+