Let’s be honest, insurance is probably NOT your favourite topic. Maybe you think of insurance as complicated, boring, or even exasperating. Maybe you don’t think of insurance at all. Most of us prefer not to think of insurance until we need it… and by then, it’s often too late. So today, we’re here to un-complicate insurance. We want to separate the fact from the fiction, to help you make the most informed insurance decisions you can.
Myth #1 Insurance is a Scam
We’ve all heard it before, insurance providers just take your money and give you nothing in return. But you can prevent that by choosing a reputable provider and an insurance plan tailored to your needs. A good insurance plan is your safety net that offers protection from the unexpected and awful moments in life. Whether it’s car insurance, health insurance, or life insurance, having coverage means that you and your loved ones will have comfort and financial support during some of your most difficult moments.
Myth #2 All Insurance Providers are the Same
Okay so maybe you do need insurance… but aren’t all providers the same? Definitely not! Insurance policies are like snowflakes, each one is unique in its own special way. You can distinguish policies based on the cost, how quickly claims are settled, and anything not covered by the policy. There are also huge differences in customer service; it may be easy to talk to a real person with one provider while another has you stuck in automated phone hell for half an hour. That’s why you need to shop around instead of settling for the first insurance policy that comes your way. After all, what worked for your parents, might not be the best fit for you.
Myth #3 Young, Healthy People Don’t Need Insurance
It can be easy to feel invincible when you’re young. Even if you see other twenty-somethings suffering from illness or accidents, it can be easy to say, “that’ll never happen to me.” The sad reality is, that can happen to you, and without insurance, you can be saddled with debilitating bills and high levels of stress. In fact, getting health or life insurance when you’re young and healthy can earn you the lowest premiums. So, do yourself a favour and don’t gamble with your health (or your wallet). Get covered, even if you’re still rocking that youthful glow.
Myth #4 Insurance is Only for Big Disasters
Sure, insurance certainly comes in handy when you’re facing a major catastrophe: cancer, earthquakes, even death. But insurance is also there for the little things. Like a routine cleaning at the dentist or a fender-bender in the grocery store parking lot. Insurance is all about providing peace of mind and financial support, no matter how big or small your problem may be. So, don’t underestimate the power of having coverage, even for life’s minor inconveniences.
Myth #5 You Don’t Need Insurance if You’re Renting
While your landlord’s insurance might cover the building itself, it won’t do squat for your personal belongings. That’s where householder’s insurance swoops in to save the day. It’ll protect your stuff from burglary, floods, fires, and other disasters. Plus, some policies even include liability coverage for dangerous dogs, in case someone is injured on your premises. Long story short: if you’re renting, you still need insurance if you want to protect your possessions.
When it comes to insurance, knowledge is power. We hope we’ve shed some light on common misconceptions and armed you with the knowledge you need to make informed decisions about your future. And if this blog has inspired you to reconsider your insurance coverage, remember, you’re not alone. You can always reach out to a financial advisor for help.
