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There are various "myths" and "misunderstandings" in the market when it comes to contacting dollar-based life insurance.
Because life insurance is not as popular as car insurance and home insurance, which are mandated by law, many people do not fully understand its use value.And the news of listening to the picture often makes more people fall into the misunderstanding of prejudice.
TheLifeTank©️ conveys the idea that everyone, from havinga specific type of life insuranceBenefit from it.American Life Insurance Guide©️ The editor has compiled 4 of the most common misunderstandings about life insurance for readers' reference.
Myth 1: I'm too young to need life insurance
Many people believe that life insurance is only necessary when you are older.This is the biggest misconception about life insurance.
According to the survey, most family members realized the increase in family responsibilities after the birth of the child, and then applied for life insurance.
Our experience is that the sooner you buy insurance, the better.Many high-net-worth families who know how to use insurance and time, with the assistance of professional planners, usually buy life insurance for their children one month after the birth.
The earlier you apply, the more obvious the advantages, which are reflected in many aspects.The most immediate advantage is that when you are young, you are usually at your healthiest and the cost of applying for insurance is the lowest.
Second, the sooner you apply, the more benefits your insurance can provide and the more you can achieve.In America's Guide to Life Insurance ©️Web'sKnowledge Post｜How to use insurance to realize the 2-in-XNUMX function of children's 'college education savings' and parents' 'retirement savings'In this article, the columnist shows readers some of the advantages of applying for insurance earlier.
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Myth 2: The company bought me life insurance.If I change jobs, I can take this insurance with me too
Generally speaking, the life insurance that the company helps employees purchase,It is mainly to protect the company's own interests.
Many companies purchase life insurance, the beneficiary is the company itself, and the insurance claims are used to make up for the direct or indirect losses caused to the company when the job cannot be completed.
Based on the above reasons, the group life insurance purchased by many companies cannot be taken away due to resignation.
Second, the company helps employees buypartial life insurance, In the case of resignation, although it can be taken away, it usually needs to apply, or pay an additional amount of funds to buy back ownership from the company.
Finally, the employee life insurance that the company helps to purchase is usually a group insurance.The sum assured of this type of insurance is usually calculated based on the salary as the main factor, rather than the actual amount of coverage required by the family.
Therefore, applying for supplemental individual life insurance can help maximize the protection of our family in situations where work provides group life insurance.
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Myth 3: Life insurance is only useful after death
fact: Life insurance is a risk management tool.
"Death" is just one of many financial risks.
In our life, we still face many financial risks such as "living too long, but no money", "being unable to work due to illness, and needing a large amount of money to support the family", "retirement, need to supplement the pension" and many other financial risks .
Life insurance can carry out long-term and effective management of the above risks and ensure our financial security.
By configuring the correct life insurance, we can supplement the retirement income after the age of 65; we can also use life insurance to help us pay for the high medical expenses of major diseases that we may face after retirement; It is the most common way in American society to use life insurance to accumulate and pass on wealth to family members or social groups.
At every stage of life, investing in different life insurance products will benefit us.Of course, the correct insurance product plan and the suitability assessment for the family situation are essential in this process.
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Myth 4: I don't need life insurance because my property and savings are enough for my future
You have said a lot, with savings and real estate, enough to cope with many future changes.
Your cash savings and real estate may be enough to provide a lifetime of steady retirement income cash flow, but have you considered any large expenses you face in retirement?
oldNursing service fee, monthly or weekly home care services, seeking additional and efficient treatment after a major illness, end-of-life expenses, etc., are all sudden and significant expenses.
Another thing to know is your home mortgage, or reverse home loan to provide retirement benefits.
If we don't have enough assets and don't plan to pay off the loan, our family can't keep the property.
Furthermore, if we use the government's medical aid program - many Chinese families use white cards to pay for their parents' health care - then the government will also activate the Recovery Program after the death of the parents. ).
Life insurance policies offer various types of claims that can help alleviate some of the burden of facing these large expenses in old age. (End of full text)
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