Life Insurance: Fact Vs Fiction

TRUE, when you’re dead you won’t need to worry about money. But your loved ones will...

- Vanessa Papas

WHEN he died, Michael Jackson’s family received a few million dollars (an undisclosed amount) in an insurance pay out; Heath Ledger’s family got $10-million upon his passing; while Paul Walker’s loved ones got as much as $50-million after the actor was killed in a car accident.

No one, not even celebs, are exempt from death, and worrying about finances shouldn’t be a priority when losing a loved one. But despite increasing awareness about the importance of having life insurance, many of us remain confused and undecided due to myths that uninformed people spread through the grapevine. We chat to Lee Bromfield, CEO of FNB Life, on seven of the biggest myths that consumers have about life insurance.

Only Married People Need Life Insurance:

ONE of the biggest misconceptions about life insurance is that if you are single, don’t have children or are still young, you do not need cover. Life insurance caters for anyone that is financially dependent on you in the unfortunate event that you pass away.

Prevailing Health Issues Will Prevent You From Getting Cover:

YOU may pay a slightly higher premium than the average person if you have a pre-existing health issues due to your risk profile. However, if the health condition is well managed, you should have no challenges getting life insurance. For example, there are many people living with chronic diseases such as diabetes, hypertension and asthma that have life cover. Moreover, people who engage in dangerous hobbies and habits like smoking are also eligible for life cover.