3 Life Insurance Myths You Should Not Fall For

Life insurance is one of the most important investments we are told to make.

- By MIGUEL LIBOSADA

After all, the future is uncertain, and it's wise to have a cushion to soften the blow when unwanted occurrences or contingent events happen to us. However, certain myths about investing in life insurance have fueled people's skepticism, with many individuals remaining uninsured. This poses a danger, as these people may accumulate huge financial burdens simply because they're uninformed or misinformed.

It's then salient to be equipped with the correct information to be discerning when getting life insurance. Here are three life insurance myths you should not believe in:

MYTH No. 1: LIFE INSURANCE IS EXPENSIVE
While it's true that some life insurance plans may be expensive, there are also affordable options with reasonable coverage.

In terms of life insurance, insurance companies in the country offer plans that cater to your budget while considering your age, underlying health conditions, and capacity to pay. Start by conversing with insurance agents to know more about their offerings and the plans that fit your means and needs.

Some insurance plans are also available to people from the lower economic echelons, effectively debunking the idea that insurance is only for the wealthy. One particular example is microinsurance.