Do You Still Believe These Insane Myths About Life Insurance, Brisbane?

life-insurance-brisbane-example-1 Have you ever met someone who bought insurance for only half the value of his/ her car? That’s completely insane, right? Unfortunately, that’s the exact thing that happens when you purchase insufficient life insurance – you’re literally buying half or even less of what you need. Such an unfortunate circumstance has to do with many pervasive myths that Australians have concerning life coverage.

Here are a couple of myths that you definitely must eradicate if you intend to get the best from life insurance, Brisbane.

Today’s Expenses Are More Important Than Tomorrow’s Needs

According to a 2014 survey by MetLife and FSC, approximately half of the respondents indicated that current expenses present their main barrier to purchasing insurance. This is because they perceive current needs to be more urgent than future needs. However, when looked at critically, why would anyone decide to build something that will simply crumble in the future?

Just as you put in resources to improve your current state, you should also put in as much effort to ensure that whatever, you’re working for will not get destroyed in future.

This perception sounds much like the reasoning that keeps many people from putting aside savings for the future. People tend to get caught up with the current needs, so much so that they hardly think of the future. If you truly value your life, you must treat your future with as much regard as you do your present. Only then will you be able to secure your financial state and that of your family, to withstand all the shocks and surprises in life.

Insurers Never Pay

Shockingly, more than half of the respondents interviewed in the 2014 survey by MetLife and FSC revealed that they hardly trust insurance companies to honor claims made by policy holders. Even from a cursory point of view, this perception is quite surprising, especially since no company would ever have lasting business if they didn’t actually offer any real value to their customers.

Remember that many of the highly reputable insurers have been in business (quite successfully too) for many years.

One thing that would-be policy holders need to understand is that as much as insurers seek to give a service, they must also make a reasonable profit out of it. Otherwise their businesses wouldn’t be in operation for long. This means that they will assuredly reject payment of fraudulent claims, which are designed to fleece the company.

If you heard of anyone not being paid their dues, try to find out whether they really had a legitimate claim or not, before you conclude that the insurance company was at fault.

Moreover, if indeed anyone has been wrongfully denied his/ her dues by an insurance company, there exist several avenues through which such grievances can be handled. The process of contesting any non-payment by the insurance company is always clearly elaborated by insurers within the product disclosure statement provided to each policy holder. This process would involve supervisory bodies that have legislative powers to correct any misdeeds by insurers. Click here for more information about life insurance coverage.

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