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Most of us have a laid back attitude when it comes to painting a picture about death. There can be nothing more unpleasant than thinking of the death of a loved one. That is why most people are reluctant to know about life insurance or to talk to an insurance agent.
There are many misconceptions about life insurance in our society which have not been dispelled even today or it can be said that they have not been presented to us in the right way. A life insurance can change our lives completely but even then we stay away when we hear the word ‘life insurance’ or even ‘insurance’.
Let's take a look at the 7 most common misconceptions about life insurance:
1. Life insurance means that insurance money is available only in case of death
When we think of life insurance, most of the time we think that only the death of the insured person will get the claim money. But that's not always the case. In our country, in addition to buying a savings insurance, there are many other associate insurers (riders) who offer various additional benefits during the insurance period. It can be medical, it can be paralysis or the cost of a complex disease is highly medical. In addition, there are various types of education insurance or child protection insurance to ensure financial support for a child's education. In addition, there are various stage plans which pay the insurance money to the customer from time to time during the insurance period with which a customer can implement various interim plans. So it is not just a matter of life insurance that pays the insurance only in case of death but also during the insurance a customer can get various attractive benefits which will meet his emergency financial needs or help in implementing future plans.
2. I am very young, I do not need life insurance
There is no set age for taking a life insurance policy. However, according to different companies and types of policies, there is a maximum age limit which no one can buy a policy if he is older. More than 50 percent of working people between the ages of 25-45 and their families face unintended economic catastrophe due to untimely deaths or physical disabilities. In this case, a life insurance could ensure the economic security and peace of mind of those families. You can also save a large amount of money on insurance premiums at a young age. And the younger the age, the better the real money, because the younger the age, the lower the premium for the same amount of insurance compared to the older person.
3. I'm not married, what do I do with life insurance?
Tragic events can happen in anyone's life, whether unmarried or married or childless. Anyone can benefit from life insurance. Even unmarried people can say goodbye by leaving a huge amount of debt unpaid, which can be repaid through the money of his family insurance claim.
4. I have no physical problems, I do not need life insurance
You may be healthy, but that may not be an excuse not to have life insurance. Many would agree that when we are sick, we may think more about death than we normally would. That is why we feel the need for insurance more. And in fact you have to insure when you are healthy and when you are sick so that you can enjoy its benefits. Because no company will insure a sick person. So healthy is the best time to insure.
5. I have group insurance in my office, no more insurance required
Usually, two-three times the annual salary is claimed in the insurance provided by the company, which is not enough in most cases. Moreover, group insurance is a type of term insurance where there is no chance of saving. Every person's personal needs are different and there are many differences in financial ability. As a result, group insurance, which is considered for all employees, is naturally incapable of meeting the individual needs of each person. Other savings insurance or term life insurance (the only term life so far in Bangladesh - EasyLife) may be the most useful solution.
6. All Insurance companies are fraud
This is another common idea prevalent in our society. This is mainly due to some unscrupulous insurance companies and officials who have to bear the brunt of the work done by the insurance companies as well. But there are also many good insurance companies in the market. You can easily collect and verify any information from any insurance company. There are many good companies among our domestic insurance companies. You can also get an idea of the right insurance companies by looking at the insurance companies 'own websites, insurance development and regulatory authority websites, various newspaper news and companies' financial statements. Guardian Life Insurance Limited is an internationally recognized insurance company in Bangladesh, founded by three well-known companies like Apex, BRAC and Square. If you want, you can also get insurance of your choice from here.
7. Life insurance costs a lot (expensive)
This is one of the misconceptions about insurance. Many of us think that life insurance is much more expensive in terms of commitment protection. This idea is more prevalent among the youth. But in a real sense life insurance is a very customized service whose cost control is entirely in your hands. You can take out insurance at a very low cost just as much as you can at a very low cost. The cost is usually a little higher when you take out savings insurance at an older age. But at the same time, if you insure at a young age (18-45), you can insure at a much lower cost and you can also buy high value low cost insurance at a much lower cost. Term life insurance policies are now available at the lowest cost in the market. For example, you can get a coverage of Rs 1 lakh for a minimum of Rs 362 per year in EasyLife. You can buy any insurance at cost or low price as per your need.
There was a misconception, there will be. Hundreds of years old misconceptions will not be broken in five to ten days. At the end of the day, life is mine and yours. In our absence, it is our responsibility to ensure the economic security of our loved ones. Let's change our misconceptions and protect our family financially.