4 Insurance Myths That Are Not to Be Trusted When Planning Your Finances
Having your personal finances in order when a crisis strikes is a true blessing; it can save you from a lot of trouble. When it comes to sorting your finances for future planning, the most important decision one has to take is where to put their money. Savings, investments, insurance; there are too many options, each with their own set of pros and cons. Choosing insurance is definitely an option that, when chosen carefully, can be quite beneficial.
Whether it is life insurance or health insurance, both have their own advantages when it comes to providing financial security. However, there are certain myths surrounding insurance that makes people reluctant about investing in insurance, preferring to invest their money in other options. So, here are four insurance myths that are absolutely not true and therefore, should be disregarded:
1. Single People Don’t Need Coverage
A very common perception is that insurance is only required when you have financial dependents who can make use of your insurance payout in case after your death. This however is not the case. Most of the time, insurance covers all your medical bills and debts, and also pays for your funeral expenses. Having an insurance means that there won’t be any unpaid bills after you that your family will have to cover. You can also leave your insurance to a charity or a cause that you have supported through your life.
2. Insurance Is Only For Breadwinners
Another perception is that only those who earn need insurance. It is important to understand that insurance can provide you cover against a lot of things in case of crisis, especially for your medical bills. And it is not only breadwinners that can have a health issue. If every member of your family is insured, it invariably takes financial pressure off you by providing you security against unforeseen circumstances.
3. Health Issues Make You Ineligible for Insurance
Many people think that if they have a health issue or because they are of older age, they are ineligible for insurance. Your eligibility largely depends on the nature of your health problem and the company’s criteria. You may find that there are policies specifically made for people with health issues that cover your medical bills such as the over 50 life cover policy. Depending on your health issue, you can always get some form of policy to suit your requirements.
4. Life Insurance is a MUST Have
While it is true that insurance is extremely beneficial, it is not something you need at all costs, come hell or high water! For people who already have assets that will be enough to cover their medical and funeral bills with something to spare, and they have no debts or dependents relying on them for financial assistance, insurance coverage is an option they might not need. However, keep in mind that things are always unpredictable, so it is better to be safe than sorry!
With these four popular myths busted about insurance, you can easily trust it to be beneficial for you during times of need. For better management of your personal finances and planning your retirement in a secure way, insurance is definitely an option to be considered. If you want to have a peaceful and financially independent retirement, plan your finances carefully. Remember, there is no better day to start than today!
Insurance: A Guide
"Remember kids, I have life insurance" - Adam Savage
This is a guest article from Tatyana Levin
These days one must be financially savvy. Money is not easy to come by and should be managed carefully. With the availability of tools that make it easy to keep track of current events, the stock market, and even your own money, it would be almost a crime to not utilize these tools to make the best and most informed financial decisions. Unfortunately, the more there is, the more there is to keep track of. This applies both to tracking tools and money (the small curse within the comfort of having money to keep track of).
The savvier ones of us dabble in investments, and the savviest make their living that way. The key is that they know what to invest in. Not magically, of course; investors do a significant amount of research to learn how to optimize their portfolios, but they have the understanding.
A grossly overlooked investment is insurance. This may be because is not typically referred to as an investment with the exception of whole life insurance that has a specific investment component within it. Webster’s defines the word “invest” as a commitment of money for a return and “insurance” as a guarantee. This makes insurance the safest type of investment, because your returns are guaranteed. But returns are not always financial in the case of insurance. They can be, if there is an unforeseen accident, but the most certain return is the feeling of security.
Now there are many different types of insurance, and what you need depends on your current situation. Obviously you only need auto insurance, found using auto insurance leads if you have a car, and you only need renter’s insurance if you rent and have possessions that you would need insured. Insurance is for those who have something to lose. With an attachment to something, either emotional of physical (or dependence, not like physically being glued to your car), comes the fear that it will be damaged or ruined in some way. For example, if your house caught on fire, you would be devastated. What would add insult to injury is not having a way to recover from this horrible disaster.
These types of examples are not unique to this article. That is the way that insurance is sold. As they say that clichés are clichés for a reason, insurance is promoted this way for a reason. The foundation of the concept of insurance is uncertainty, and it is the same uncertainty that is conjured up when investing.
The main difference between insurance and investment is that not having insurance creates a feeling of uncertainty while investments by nature are uncertain. Therefore, investing in insurance creates security and is the only secure investment that exists (and is legal). Getting insurance should be one of the easier financial tasks if you apply all the resources available with technological advances like smart phones.
About the Author: This article was written by Tatyana Levin, a copywriter for InsuranceFiles.com
Having your personal finances in order when a crisis strikes is a true blessing; it can save you from a lot of trouble. When it comes to sorting your finances for future planning, the most important decision one has to take is where to put their money. Savings, investments, insurance; there are too many options, each with their own set of pros and cons. Choosing insurance is definitely an option that, when chosen carefully, can be quite beneficial.
Whether it is life insurance or health insurance, both have their own advantages when it comes to providing financial security. However, there are certain myths surrounding insurance that makes people reluctant about investing in insurance, preferring to invest their money in other options. So, here are four insurance myths that are absolutely not true and therefore, should be disregarded:
1. Single People Don’t Need Coverage
A very common perception is that insurance is only required when you have financial dependents who can make use of your insurance payout in case after your death. This however is not the case. Most of the time, insurance covers all your medical bills and debts, and also pays for your funeral expenses. Having an insurance means that there won’t be any unpaid bills after you that your family will have to cover. You can also leave your insurance to a charity or a cause that you have supported through your life.
2. Insurance Is Only For Breadwinners
Another perception is that only those who earn need insurance. It is important to understand that insurance can provide you cover against a lot of things in case of crisis, especially for your medical bills. And it is not only breadwinners that can have a health issue. If every member of your family is insured, it invariably takes financial pressure off you by providing you security against unforeseen circumstances.
3. Health Issues Make You Ineligible for Insurance
Many people think that if they have a health issue or because they are of older age, they are ineligible for insurance. Your eligibility largely depends on the nature of your health problem and the company’s criteria. You may find that there are policies specifically made for people with health issues that cover your medical bills such as the over 50 life cover policy. Depending on your health issue, you can always get some form of policy to suit your requirements.
4. Life Insurance is a MUST Have
While it is true that insurance is extremely beneficial, it is not something you need at all costs, come hell or high water! For people who already have assets that will be enough to cover their medical and funeral bills with something to spare, and they have no debts or dependents relying on them for financial assistance, insurance coverage is an option they might not need. However, keep in mind that things are always unpredictable, so it is better to be safe than sorry!
With these four popular myths busted about insurance, you can easily trust it to be beneficial for you during times of need. For better management of your personal finances and planning your retirement in a secure way, insurance is definitely an option to be considered. If you want to have a peaceful and financially independent retirement, plan your finances carefully. Remember, there is no better day to start than today!
Insurance: A Guide
"Remember kids, I have life insurance" - Adam Savage
This is a guest article from Tatyana Levin
These days one must be financially savvy. Money is not easy to come by and should be managed carefully. With the availability of tools that make it easy to keep track of current events, the stock market, and even your own money, it would be almost a crime to not utilize these tools to make the best and most informed financial decisions. Unfortunately, the more there is, the more there is to keep track of. This applies both to tracking tools and money (the small curse within the comfort of having money to keep track of).
The savvier ones of us dabble in investments, and the savviest make their living that way. The key is that they know what to invest in. Not magically, of course; investors do a significant amount of research to learn how to optimize their portfolios, but they have the understanding.
A grossly overlooked investment is insurance. This may be because is not typically referred to as an investment with the exception of whole life insurance that has a specific investment component within it. Webster’s defines the word “invest” as a commitment of money for a return and “insurance” as a guarantee. This makes insurance the safest type of investment, because your returns are guaranteed. But returns are not always financial in the case of insurance. They can be, if there is an unforeseen accident, but the most certain return is the feeling of security.
Now there are many different types of insurance, and what you need depends on your current situation. Obviously you only need auto insurance, found using auto insurance leads if you have a car, and you only need renter’s insurance if you rent and have possessions that you would need insured. Insurance is for those who have something to lose. With an attachment to something, either emotional of physical (or dependence, not like physically being glued to your car), comes the fear that it will be damaged or ruined in some way. For example, if your house caught on fire, you would be devastated. What would add insult to injury is not having a way to recover from this horrible disaster.
These types of examples are not unique to this article. That is the way that insurance is sold. As they say that clichés are clichés for a reason, insurance is promoted this way for a reason. The foundation of the concept of insurance is uncertainty, and it is the same uncertainty that is conjured up when investing.
The main difference between insurance and investment is that not having insurance creates a feeling of uncertainty while investments by nature are uncertain. Therefore, investing in insurance creates security and is the only secure investment that exists (and is legal). Getting insurance should be one of the easier financial tasks if you apply all the resources available with technological advances like smart phones.
About the Author: This article was written by Tatyana Levin, a copywriter for InsuranceFiles.com
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