Myths About Life Insurance ‘Deterring Homeowners From Taking Out Cover’ - Quotelifecover

Have you been considering purchasing a life insurance policy, only to find yourself hesitating over one or two lingering doubts? There’s certainly nothing wrong with making doubly sure that a particular insurance plan on offer would be the right one for your requirements. However, it is also crucial not to be put off protecting yourself and your family by unfounded worries.

This much was brought to our minds lately by research revealing that a whopping two in five homeowners do not presently have any life insurance.

This particularly concerns us in the case of those households that would struggle to continue paying their essential bills - including the mortgage and other monthly expenditure - if the main earner was to pass away. And this eventuality is precisely what life insurance is designed to protect against.

Don’t put off buying life insurance for the wrong reasons!

So, what could possibly be deterring homeowners from buying the life insurance that would provide a one-off tax-free lump sum to the family of the policyholder in the event of the latter’s death?

Sadly, the reasons uncovered by the aforementioned survey by a price comparison site were not always ones that had much grounding in reality. Among the top reasons given by Britons for not purchasing life insurance, some said they didn’t feel they needed it, while others said they had an underlying health condition that made it difficult or expensive to obtain life insurance.

Other justifications for their stance expressed by the poll respondents who did not have life insurance, included simply not wishing to think about it, or a belief that “insurers never pay out”.

But as the researchers pointed out, not all these common reasons for refusing the chance to buy life insurance are backed up by the reality. They cited the example of a 20-year policy worth £100,000 for a non-smoking 30-year-old, which they said could be as cheap as £4.36 a month.

As for the notion that insurers don’t pay out, a 2019 study by the Association of British Insurers (ABI) found that 98.3% of claims were paid out by insurers.

These realities underline the importance of being well-informed on the truths and myths surrounding life insurance, so that you don’t risk your family’s future financial wellbeing on the basis of misleading or outright wrong perceptions.

Make us your starting point in your search for life insurance

Whatever your expectations or requirements may be in relation to life insurance, it’s crucial to make sure you are getting the right advice. Here at QuoteLifeCover.com, we provide a personalised service to help you be better informed on your options - and while we can also give you a quote for free, we are advisers rather than pushy salespeople, and are not attached to any one insurer.

Those ingredients will help give you the confidence that you will be guided to only the most suitable course of action for your own situation. Just give us a call now, on 0800 316 6917.

With our expertise in this type of protection cover - including over 50s life insurance - we’re ready and waiting to point you in the best direction, and to save you some money if you do decide to purchase a policy.

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Created on Apr 16th 2022 01:06. Viewed 181 times.

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