Getting life insurance can seem like setting off into a tangled jungle. There are so many companies, but you don’t want to spend all day getting it sorted.
There’s no need to fear the process though. While it’s perfectly natural to be wary, we’re willing to bet that it’s much simpler than you think.
In this article, we are going to do some myth-busting. There are plenty of misconceptions out there and a lot of them are just plain wrong.
Whether your concerns are big or small this myth-busting guide will help get to the bottom of them!
Myth 1: Life Insurance is too Expensive
I know you might have your own opinion on whether or not this is a myth. But we can assure you that you can get great coverage.
We understand that financial planning can be tough. Making sure there’s enough money at the end of the month is the eternal struggle.
However, with Smart Guaranteed Life Insurance, cover starts from just £3.57* per month. This is based on an individual policy for a 30-year old with £2,000 of cover. With our accidental death cover, it pays out 3 times that amount so £6,000!
Smart Family Insurance cover starts from just £3.51** for an age-based policy. This means that you can look at getting a higher level of coverage for around the same price! (18-year-old 60K subject to health & lifestyle questions)
There’s no doubt that everyone’s budget is different. However, making sure that your family is protected doesn’t have to cost an arm and a leg.
Myth 2: I’m not the Primary Breadwinner
If you’re not the primary provider in your household, it can be hard to see the benefit of life insurance. Yet, when things go wrong the costs are all the same.
A common way of understanding this is either with an accident or a terminal illness. Healthcare costs can leave your family in a tight spot. Not to mention that children may need to be taken care of.
While you might not make the bulk of the income, the lack of it can still be felt.
It’s impossible to predict the future. But having something in place can really make the difference.
Myth 3: I have Life Insurance with my Job
Several companies nowadays offer something commonly known as ‘death in service’. This is essentially life insurance with your job.
For many knowing that they have this cover is enough. You won’t have to deal with any life insurance companies anyway!
There could be downsides to this kind of cover though.
You need to consider the fact that this cover may end either when you retire or if you leave your job. Circumstances can change so quickly, and your family can be left unprotected in the blink of an eye.
Myth 4: Life Insurance is all the Same
Just the same way no two people are the same, no two life insurance policies are the same. It’s a competitive market.
That leaves a lot of room for variation, as companies try to outdo each other. Variation doesn’t mean you need to worry though.
Considerations like the level of cover, premium costs and benefit amounts are all important with life insurance. At Smart, we aim to provide you with the best possible cover.
So, we are upfront and clear about every feature of our policies.
At every point of the process, you’ll be clear on what you're getting and why you need it. With our Feefo platinum standard service, you’ll feel confident you’ve done the best for your family.
Myth 5: I’m Fit and Healthy, I Don't Need Insurance
If you’re older than 18 years of age, the reality of life is that no one is too young for life insurance.
While you might be as fit as a fiddle right now, things can change so quickly. No one can really know what’s around the corner.
You can get covered in a matter of minutes. Our expert UK based call centre will guide you through every aspect of the process.
You can sit back and relax knowing you’ve done the best thing for your loved ones.
Myth 6: The Company Won’t Pay Out
You’ll be glad to hear that this is well and truly a myth. Smart life insurance policies are paid out 99.4% of the time***.
This means that should the worst happen, the last thing your family will worry about is getting the money that they need.
At Smart, we pride ourselves on our excellent level of customer service. We aim to make everything as painless as possible because we understand how tough things can be.
You shouldn’t be concerned about the pay-out process. At every stage, we’ll make sure your loved ones are cared for.
Myth 7: You’ll Need a Medical or Need to Share Medical Records
You might be feeling uncomfortable even hearing the words “medical records”. Unfortunately, this does depend on the policy you choose.
With Smart’s Guaranteed life insurance, you are guaranteed acceptance if you live in the UK and are between the ages of 30 to 80. It’s as simple as that.
No medical or health questions are required for this policy. You can even get it sorted out online.
With our Family Life Insurance, there are a few lifestyle and health questions. But there’s no need for a medical.
Myth 8: Life Insurance is Like a Savings Account
When looking at a life insurance policy, it does look similar to a savings account. You pay money in and money is paid out when you claim.
Unfortunately, it doesn’t quite work the same as savings.
With most life insurance policies, you should know that you could end up paying more in than you get out. So, you need to make sure you’re getting the right policy.
It’s also vital to remember that if you miss your premium payment with Smart Insurance for two consecutive months, the policy cover will end.
Life Insurance without the Hassle
There’s no doubt thinking about death can be tough. In getting familiar with what could happen now, you’re avoiding a lot of pain.
It doesn’t have to be a hassle though. The whole process is as simple as a phone call with one of our friendly UK based agents. From then on you can relax knowing that should the worst happen Smart life insurance is there for you.
* For a 30-year-old, on an individual policy with £2,000 of cover
** For an 18-year-old looking for £60,000 of cover. Subject to health & lifestyle questions
*** The products offered by Smart Insurance are provided by Scottish Friendly, who approved and paid 99.4% of all life insurance claims received in 2018