When people succumb to the fear of the unknown it is because they are unwilling to understand the truth about it. This is the case about the various erroneous beliefs about life insurance that we believe. Here we will study these beliefs so that people can get over their fear and buy a policy.

Myth 1. Life insurance purchase takes too much time. People are so busy these days that they keep putting off buying an insurance policy because it takes a lot of time. This was actually true for many years because the entire indemnity process did take a lot of time. A person had to first identify a good insurance company or agent and then talk to them several times before deciding on a policy. Next, they had to fill up several application forms and submit various documents of proof. After this the applicant underwent a medical exam when he had to spend hours at a clinic being tested and screened. Then he had to wait for weeks for the medical report to be examined. After all this, the person could be declared ineligible or given a more expensive life insurance quote.

An extremely busy person need not worry anymore for there are policies to suit their needs too. Just visit an insurance website and request for a term life insurance no medical. All that you need to do is fill in the information required on the quote. This will include your age, gender, pin code, coverage amount and period of coverage. Using these details, the insurance company will provide you with the cost of insurance for your category. If satisfied, you can go ahead, purchase this policy, and pay your first premium check.

Myth 2. Only the aged require life insurance. Since life insurance is taken on the ‘life’ of the policyholder, most people believe that it is sufficient if they get one when they are old. An important policy is term life insurance for seniors that targets older people and can be taken by them to help their family members pay for final expenses like medical bills and funeral costs. However, those who are young also need to take coverage because life is uncertain and if you were to die early and leave a young family behind, they will be under great financial stress.

Myth 3. The cost of life insurance is too high. Unless you are a high salaried person, the cost of insurance can dent your budget like any other expense. Insurance cost depends mainly on two factors – the period of coverage and the amount of coverage. If you decide to opt for a large coverage amount to protect your family but take it for a short period of time, then the cost of premiums will also be high. A judicious combination of both can secure you a low cost life insurance plan. For example, a large coverage amount over a longer period of time will reduce the payment burden since it will be spread over a longer duration. If you select a level term insurance, then the premium amounts will not increase for the entire term.

84Myth 4. I prefer term insurance to permanent insurance. If you have short term needs and a limited budget then you must opt for term over permanent insurance. However, permanent insurance, although it is more expensive has its own advantages. It offers the insured an investment option wherein a portion of the premium payments is invested in some savings schemes selected by the insurance provider. The holder can in the future withdraw any amount from this saved money and use it for whatever expenses he wants.

64Myth 5. You cannot improve your policy. Different people have different situations and therefore they need different types of life insurance policies. However, since insurance companies only offer base policies, people can tweak their policies by purchasing add-on benefits known as riders. There are different insurance riders available, which can tweak your base policy into a policy that is tailor-suited to the needs of your family.

If you want to find out more information about cheap term life insurance quotes, you should visit David Livingston\’s site today where he shares a lot more information on how to get the best policy to suit your needs. Visit now at http://www.equote.com.

Article by David Livingston of EQuote, who is a specialist in everything life insurance. For more information, visit his site at https://www.equote.com/term-life-insurance-quote/.

Author Bio: If you want to find out more information about cheap term life insurance quotes, you should visit David Livingston\’s site today where he shares a lot more information on how to get the best policy to suit your needs. Visit now at http://www.equote.com.

Category: Finances
Keywords: term life insurance for seniors, low cost life insurance, life insurance quote, term life insurance