Life Insurance myths busted

Are you fully informed about life insurance? Here are some myths that still catch people out.

A concerning knowledge gap

According to a survey, only 45% of UK adults have a life insurance policy in place, while 15% don’t know if they have one. This means that over half of Brits risk leaving their loved ones without any financial protection if the worst happened. Moreover, the research highlighted that nearly a fifth (18%) of respondents don’t know what life insurance is. It’s therefore vital to get informed, as some common misconceptions can stop people from taking out vital protection.

It doesn’t have to be expensive

Some people believe that life insurance is ‘too expensive.’ However, the cost of monthly premiums is not ‘one size fits all’ - the price will vary depending on a range of factors, including your age, medical history, policy length and more. For example, decreasing term insurance is usually taken out in conjunction with a mortgage, so the payout reduces over time. It is typically cheaper than level term insurance or whole of life cover, however it will usually only cover the cost of your mortgage (not other bills and living costs). We can help find a deal that suits your budget while protecting what’s important.

Got a medical condition?

Some people think they can’t take out life insurance if they have a pre-existing medical condition. However, it could still be possible. If you have a mild condition that has little effect on your everyday life, you may be able to take out a standard policy. For more severe health conditions, your policy may need to be adapted and your premiums may be higher. In certain high-risk cases, you might need specialist cover. In all instances, it’s important to seek professional advice so you can have peace of mind that you are appropriately insured.

Never too young for protection

You might think you’re too young to need life insurance. However, premiums are typically cheaper at a younger age, so getting cover now may mean paying less than others as you get older. It’s particularly advisable to get protection if you have any financial dependents. You should also consider life insurance if you have significant financial commitments, such as rent or mortgage payments. Getting covered could help your loved ones to stay living in their home in the event of your death

Here to help

We can help source a policy tailored to your specific needs at a price that works for you. Get it in touch today.

As with all insurance policies, conditions and exclusions will apply.

Sources:

https://www.reassured.co.uk/life-insurance/life-insurance-myths/#:~:text=Life%20insurance%20is%20too%20expensive,ability%20to%20secure%20life%20insurance%20%C2%BB

https://www.uk-lifeinsurance.com/blog/life-insurance-in-the-uk-index-2025/