Do I need to buy life insurance? After reading these 12 correct understandings of life insurance, you will have the answer in your mind~

Myth 3: You must undergo a physical examination

Some policies do not require a medical examination, but usually require you to fill out a health questionnaire. Policies that do not require a medical examination usually have lower coverage amounts and are mostly term insurance.

Myth 4: Life insurance is only suitable for people with dependents

Even single people without children can benefit from life insurance. For example, if you have outstanding debts or a business partner who needs financial support, insurance can help.

Myth 5: The company’s group insurance is sufficient

The group insurance provided by the company has limited coverage and may expire after leaving the company, so it is recommended to purchase additional personal insurance.

Myth 6: Stay-at-home parents don’t need life insurance

The work of a stay-at-home parent reduces the family’s burden on childcare. If the stay-at-home parent dies, insurance can cover childcare or housework expenses.

Myth 7: I’m too young to need life insurance

When you are in your 20s or 30s, even if you have no dependents, the cost of insurance is lower, and if there is a co-signed loan, the insurance can prevent your parents from taking on the debt.

Myth 8: I’m too old to buy insurance

Although insurance costs more when you are over 60, it is still possible to find suitable coverage after comparing multiple quotes.