GH¢50,000

Everybody knows that it is vital to provide for the certainties of life, such as their children’s future education or marriage, their retirement, or loss of future income due to death, disease, or disablement of the breadwinner. The utilization of life insurance products as a comprehensive tool for these certainties of life is less understood.

One of the reasons for this is the myths surrounding life insurance. There are many misconceptions and false information concerning life insurance. This article explores some of the most common life insurance myths, to help clear your doubts and gain knowledge that will enable you to make a sound decision. Because, unlike all the myths, Insurance is not an emotional decision. It is a sound risk management decision, which protects an individual against risks of:

Mortality: Death or disability (term)

Morbidity: Disease (critical illness)

Longevity: Living beyond your income generating capacity (annuity and long-term guaranteed returns)

Market volatility: Guaranteed returns (participating or non-participating products)