There are many misconceptions about insurance that prevent people from making informed decisions. Let’s debunk some of them:
- Myth 1: “Young and healthy people don’t need insurance.”
Reality: Accidents and unexpected illnesses can happen to anyone. - Myth 2: “Life insurance is only for the elderly.”
Reality: Buying life insurance at a younger age is cheaper and beneficial. - Myth 3: “The cheapest insurance policy is always the best.”
Reality: A cheap policy may lack essential coverage. - Myth 4: “Insurance companies never pay claims.”
Reality: Most legitimate claims are paid when proper procedures are followed.
Understanding the truth about insurance helps individuals make better financial choices.