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             10 June, 2023

Category:  Articles » Finances » Insurance


Things To Know About Insurance Policies

         Views: 1973
2008-05-24 08:39:48     
Article by Chisomeje Odimba

There are a lot of things that people believe about insurance that is just not true. You need to understand what is a statement of fact and what is a myth as far as insurance is concerned. Below are a few myths that are widely believed by people.

1.It is only the bread winner in the home that needs life insurance. It is important to buy insurance for anyone whose loss of income would affect the household. Some people neglect the importance of the stay at home mom or dad. Research has shown that the cost of housekeeping, child care, school runs and other household chores is commensurate to the pay for a full time job.

2.You only require flood insurance if you live in a flood-prone area. There are certain areas that are under the NFIP, not all of them are high flood risk areas. So as long as you live in those areas, you are eligible for flood insurance and should buy. This is because there is a likelihood of a flood occurring in your area.

3.The best life insurance to buy is whole and universal life insurance because I can get my money back. The truth of the matter is that Term life insurance is actually the best for most people. Because the premiums are cheaper and it is fixed for a specific period, say, five, ten, thirty years, you can invest the premium difference in a retirement account.

4.You should be covered for every disaster and accident. This is not true because insurance is meant to help you take care of disasters and accidents that you cannot handle on your own. So if you can take care of a situation why buy an insurance policy for it? You'll find out that your premiums would keep increasing and you'll have to spend more money.

5.Since I am alive, I must buy life insurance. Life insurance is a policy that takes care of your dependents when you are gone. So if no one would be affected by the loss of your income, then you don't need life insurance!

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