Common Insurance Myths

“Insurance Is Just Too Expensive”

Many people believe insurance costs too much.

But did you know that research has shown most clients actually overestimate insurance premiums?

Example:

A £200,000 life policy for a 25-year-old costs only about £5 a month.

The same policy for a 35-year-old costs approximately £9 a month.

So, insurance may be much more affordable than most people think.

“Insurance Isn’t for People Like Me”

Another common belief is that insurance is only for older people or those with health issues.

But statistics tell a different story.

The youngest claimants for life insurance, critical illness, and income protection were just 18 to 19 years old.

These statistics come directly from various insurers.

This shows that unexpected life events can affect anyone, regardless of age.

How Long Do Policies Usually Last Before a Claim?

You might be surprised to learn that insurance claims happen sooner than expected.

The average policy duration before a life insurance payout is just nine years.

For critical illness, it’s even lower — between four and six years.

This means people do make claims much earlier than they anticipate.

“I Don’t Think I’ll Ever Experience Those Events”

Many people believe they’ll never face events like death, critical illness, or being unable to work.

But let’s look at the reality.

According to Macmillan, the average cost of cancer treatment is around £590 per month — and this was before the recent cost-of-living rises.

That’s a significant expense that insurance can help cover during difficult times.

“Insurance Products Are Too Complex”

It’s true that there are many types of insurance products available — and choosing the right one can feel overwhelming.

But there’s a simple solution:

👉 Speak to an advisor, discuss your needs, and they can help you find the right policy that matches your situation.

The Good News: Most Claims Are Successful

Here’s something reassuring —

98% of all protection policies result in a successful claim.

That means when you take out protection, there’s a very high chance it will actually pay out when you need it most.

Final Thought

Insurance might seem complicated or expensive, but the facts show it’s:

• More affordable than most people think,
• More relevant to younger people than expected, and
• Highly reliable, with most claims being paid.

So don’t underestimate the value of getting the right protection — it could make all the difference when life takes an unexpected turn.