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Business Life Insurance Myth Busters

Common myths debunked when it comes to your life insurance

When it comes to life insurance, there are several misconceptions that prevent people purchasing their insurance. This can cause financial instability for families and businesses who suffer from a loss. Unfortunately, a life insurance myth can sometimes purposefully created. Often, by people who put their own profits ahead of their customers. Rather than helping customers work out what they need. We want to make sure our customers get the right information so that they can make informed decisions when it comes to their policies. We’ve decided to dispell an insurance myth or two to help those looking for insurance. We want to help make sure you’re getting the right level of cover to help you when you need it the most.

Life Insurance Myth 1: Only the family breadwinner needs life insurance

These days, it’s often an occurrence that both partners are working or that one is looking after dependants. Either way, life insurance is important for both partners. Should any loss of income occur, there is a loss of financial stability. Furthermore, keeping up a home and looking after children can be costly to replace. For the right level of cover, make sure you’re covering each partner’s salary. In addition to this, you need to think about how much it would cost to keep childcare and home maintenance services for as long as you’re likely to need them.

Myth 2: Company life insurance policies are enough

Sometimes, when you’re relatively young without a house, partner or any dependents, business life insurance is perfectly fine to keep you covered. However, business life insurance isn’t typically enough to cover and protect your family. Often, more financial support is required to cover the mortgage or any other costs that you might incur such as debt. In addition to this, critical illness isn’t always incorporated into a plan. Without critical illness, you can potentially be left in a difficult situation when you fall ill and are unable to work. It completely depends on the policy you have and how much you’ve been provided, but making sure that you’re able to cover what you need with a business policy and possibly an individual policy might be the best way to go about your life insurance.

Myth 3: You don’t need life insurance if you’re young

It is true that if you don’t have dependents or a mortgage then your chances of needing life insurance are lower. However, you also might want to think about who would pay any debt. This includes things such as a student loan as well as potential funeral costs. Further to this, your life insurance is actually a lot cheaper the younger you are. Taking it out early for a longer term means your monthly premiums are a lot lower. This could potentially save you money in the long run. You’re also more at risk of developing a medical condition later on, which can make your policy a lot more expensive.

Myth 4: Buying business life insurance can be a hassle

When it comes to business life insurance it can be difficult to decide which policy is right for you. Whether you need key man insurance to protect key employees and directors, relevant life cover as a death in service benefit for your employees or a shareholder or partnership policy can depend on your specific circumstances. In addition to this, it can affect the level of cover you need and your business goals. In reality, there are many helpful tools out there that can help you decide which policy is right for you. What’s more, your life insurance is specifically tailored to you so to get an accurate quote, you’ll need to speak to an advisor. At Business Cover Expert, our advisors are able to determine which policy is best for you. We can compare a number of policies on your behalf, taking the hassle out of buying life insurance.

Insurance Myth 5: I can’t afford it

We all invest in car insurance, pet insurance and home insurance, but why do we think that we can’t afford life insurance. A lot of people say that they don’t buy life insurance because they can’t afford the premiums each month. Generally, customers often pay half of what they expected in the first place if you’re fit and healthy. You can easily shop around to find the best value for you. With Business Cover Expert, we can provide you with a free quote so you can take a look for yourself.

Hopefully, this can help to clear up any misconceptions about business life insurance. We hope to help you choose a policy that’s right for you that also fits within your budget. For more information on quotes and how to get affordable business life insurance, visit our quote page and an advisor will be in touch.