Busting All Myths About Term Life Insurance
May 27, 2024

Busting All Myths About Term Life Insurance

Buying insurance is one of the most significant decisions of your life. Among all other things, getting term life insurance is most crucial. Life has no certainty. What would happen to your loved ones in your absence? So, before making other plans, you must purchase term life insurance for your family. However, people have some common misconceptions about it. In this blog, we will try to do away with these myths and take a look at the reality.

Myth 1 – It is Not Yet Time To Think About Life Insurance

Well, you might be young. You may have just started working. Is it the right time to think about these grave issues? Yes, it is. Who knows? If something happens tomorrow, who will take care of your family? Things might get worse if you are the only earning member. So, it is never too early to start thinking about insurance. You never know when death will come. In that case, you would not want your family to become helpless.

There are plenty of options in the market. You can make a term life insurance policy comparison before you choose one, depending on your age and income.

Myth 2- It Is A Waste Of Money Since It Is Limited To Death Benefits.

It is a wrong notion most people have. You will spend all your hard-earned money paying the premium. What is the use if you cannot get the benefits of the policy? Maybe you should look at it from a different angle. It is a fact that term life insurance will not give you a hefty sum at maturity. However, that does not prove it is useless. What if you meet with an untimely death? How will your loved ones fend for themselves? Therein lies the significance of term insurance plans. It will take care of those people who matter the most when you are not there. So, you must not consider it a waste of money. Start making term insurance comparison before you make a decision. After all, it is the question of your family’s well being. Why should you compromise on it?

Myth 3- Single People Do Not Require Term Life Insurance

Are you single? You might not have any plans to marry or enter into a companionship. You also do not wish to have any kids. So what use would be term insurance for you? Even if you die an untimely death, you will not leave any dependent behind. However, what about the loans you have taken? You would surely not want your parents or extended family members to repay them. Of course, if you are unmarried, the coverage of your insurance can be less. But that does not mean you do not require insurance at all. Life is short and uncertain. You have to make some practical decisions when there is still time.

Myth 4 – The Insurance Claims Get Rejected Most Of The Times

Many people apprehend that the insurance claims of their family will get rejected after their death. So what is the use of investing money in it? Well, in that case, you need to look at the statistics. The data in the annual report of IRDA says that the average claim settlement ratio is around 85 to 99 percent. It means that only 15 claims in 100 have a chance of getting rejected. It is a baseless fear that you should throw out of your mind. A maximum rejection rate of 15 percent is not that high. It should not prevent you from securing the future of your loved ones in your absence. Go ahead and compare health insurance policy and term plans to choose the best plan for your family.

Final Word

If you do not want your family to be in trouble in your absence, purchase the best insurance plan for them without any delay. Forget about the myths as you are already aware of the reality. PayBima will give you a wide range of choices so that you can purchase the most appropriate policy for your near ones. You can share all your details on their website and get a personalized plan. So, why are you waiting? Go ahead and secure the future of your family. With PayBima, you will have no reason to worry.