LifeInsurance-Quotes.co.za Reveals The Myths About Life Insurance as Believed by Many South Africans

Feb. 16, 2011 - PRLog -- LifeInsurance-Quotes.co.za, a leader in life insurance quotes (http://www.lifeinsurance-quotes.co.za) for South Africans, reveals the most common misconceptions about life insurance as believed by the majority of South Africa citizens.

"The decision to purchase life insurance may be one of the most important decisions you’ll ever make to help protect your family’s future financially," says Terence Kent, founder of LifeInsurance-Quotes.co.za.  "Therefore, it is necessary to know what the facts are regarding life insurance and life insurance policies."

Here are the most common misconceptions about life insurance explained:

•   One should buy seven times your yearly earnings.
This isn't necessarily true. The average amount is usually three times your annual earnings, but every person should decide how much money their relatives would need if they would pass away. Remember to include costs of child care, education and emergencies. By calculating the income and expenses, you should be able to get an idea of what kind of policy you should have.

•    The internet is the place where you will find the best deals.
This may be true, but the internet shouldn’t be your only resource. Many agents, when called directly, will give you a very competitive quote. Remember, quotes given on the internet can include benefits that your family wouldn’t necessarily need, so don't let this be your only resource.

•    Life insurance policies are the same, only their prices vary.
There are many different policies with different benefits. Just be sure to read the contract of your policy. Make sure you have received what you where told, and also check the numbers and even if the names are spelled right. The written policy is what matters, not what the agent told you over the phone.

•    If you are HIV positive, you are uninsurable.
This may have been true a while ago, but these days there are different life insurance policies that cover HIV positive people. Don't let HIV be your reason for not getting insured.

•    Insurance agents know your needs.
Most insurance agents are looking out for your best needs - others, on the other hand, just want to sell you their policies. Just keep this in mind when searching for a policy.

•    Disability insurance isn't as important as life insurance.
Statistics shows that people are 50 percent more likely to become disabled than they are to die under the age of 50. So disability insurance is at least just as important as life insurance at that age.


"Never just assume rumors you have heard regarding insurance," says Kent. "Remember, mistakes you make today when buying life insurance have long-lasting consequences, if there are problems with the policy - your family members are the ones that are going to have to deal with it one day"

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About LifeInsurance-Quotes.co.za
http://www.lifeinsurance-quotes.co.za gives South African consumers the resources to find the best life insurance policy for their needs. This website also contains a lot of helpful articles and hints on this topic. Even if you are looking for funeral cover or a policy for a HIV positive person, this website will be able to put you on the right track.