The 3 biggest insurance myths

Deciding which insurance policy to buy is one of the most important decisions any person can make, yet many people are in the dark about which options are best for them.

To help you see a bigger picture, here are five well-known (but false) myths about insurance:

1/ I can’t afford insurance- This very well might be the #1 misconception of insurance, but it’s not true. True, not every single insurance option may be affordable for you, but many will be, and that’s why comparing different plans is so important. With term life insurance, for example, how long do you need coverage for? For 10 or 20 more years, or until the age of 100? Knowing the different options can help save you a lot of money.

2/ Insurance is too expensive- Related to myth #1, but not quite the same. Money may not grow on trees, and insurance is an additional expense, but consider the alternative to term life insurance. How would your funeral costs be covered if there were no savings? How would your children afford to go to university if there were no savings? These questions are reminders that while insurance may not be free, it helps protect the most important people in your life.

3/ My work already provides life insurance- This is a tricky one, because it may or may not be true, depending on your situation and your needs. What kind of coverage does your employer offer, and how much does it cover? It’s important to ask your Human Resources department at work for the answers to these questions, because there are many employers which provide life insurance to staff, but frequently it falls far short of what’s actually needed.

The best place to start looking for term life insurance is, where you can receive free quotes, and even ask experts for their thoughts about which plan might be right for you.