Life Insurance

Life Insurance Myths and Facts

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Life Insurance Myths and Facts


Life insurance has been around since many years in Australia and up till a few years ago there was not much information available about this type of insurance plan. Due to a lack of information, people have started believing myths that are completely untrue. Listed below are 4 myths and 4 facts about life cover plans.

Myth #1 – Life cover plans are very expensive and cannot be afforded by the common man.
Fact #1 – Life cover plans cost as less as $10 a month however the cost of the selected policy depends largely on the lifestyle of the buyer, his age and the benefits he has opted for. Since these plans are customizable and can be adjusted to suit the buyer’s requirements, buyers not only have the options to opt for better features but they also have the option to choose a longer waiting period.

Myth #2 – Life cover plans are not offered to people with diabetes, heart problems and other health problems.
Fact #2 – Life cover plans are offered to buyers of all ages irrespective if they have pre existing health conditions or not. Buyers should note that if they have pre existing health conditions then they can definitely get life insurance however they may have to pay a slightly higher premium compared to people who are not diagnosed with any medical conditions.

Myth #3 – Insurance companies ask people to go through a series of medical tests before approving their application for life insurance.
Fact #4 – There are a few good life insurance companies in Australia that do not require applicants to fill out detailed questionaries or take a series of medical tests. These reputed companies allow buyers to get life insurance within just a few days of applying for the policy. Usually these companies charge a higher premium since they immediately approve the application and provide additional benefits. Many insurance companies these days also offer fast track claim services through which buyers can file claims online in less than 15 minutes.

Myth #4 – Life insurance is only suitable for senior citizens.
Fact #4 – Life insurance is beneficial to everyone however this type of insurance cover is especially useful for senior citizens since they have dependants in the family. Ideally, life cover plans should be taken by parents, who earn more than $20,000 annually and who have pre existing health conditions. Smokers and people who consume alcohol are also encouraged to opt for this type of insurance plan.


   




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