Insurance & its myths

Life Insurance is not easy. It is also not difficult if you have a total knowledge about it. What you need to do is unfollow some of the myth about insurance and understand it from the core. These myths are spread across the investors and hence lets talk about these myths so that you just refer and wipe it from your mind. Followin are some of the myths which you would also relate to:

1. I am Single & there is no one dependent on me, so why do i need insurance!
2. My Life Insurance Coverage Needs Only Be Twice My Annual Salary
3. My Term Life Insurance Coverage at Work Is Sufficient
4. The Cost of My Premiums Will Be Deductible
5. I Absolutely MUST Have Life Insurance at Any Cost
6. I Should ALWAYS Buy Term and Invest the Difference
7. Variable Universal Life Policies Are Always Superior to Straight Universal Life Policies Over the Long Run 
8. Only Breadwinners Need Life Insurance Coverage
9. I Should Always Purchase the Return-of-Premium (ROP) Rider on Any Term Policy
10. I'm Better off Investing My Money Than Buying Life Insurance of Any Kind

There are quite more myths and misinterpretations about insurance. What's important that your life is always at risk and at no point you would know will happen next. Hence, forget the myths and analyze the importance of Insurance. 

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Source: www.Investopedia.com