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8 Term Life Insurance Myths Busted

8 Term Life Insurance Myths Busted

Have you ever wondered if your family will be financially secure after you’re gone? Term insurance can provide the answer. However, there are several myths surrounding term life insurance that often discourage people from considering it as a viable option. This guide will debunk the eight most common myths associated with term life insurance and shed light on the truth. By understanding these misconceptions, you can make an informed decision about securing your family’s future.

Myth 1: Rs 1 crore term plan life insurance cover is enough

One of the most popular numbers associated with term life insurance is Rs 1 crore. Many people assume that this coverage amount is sufficient for their needs.

Reality: While it may seem like a substantial figure, determining your term insurance coverage requires a more scientific approach. Start by calculating your monthly expenses and multiplying that amount by 15 to cover at least 15 years of expenses. Consider your liabilities, important goals, and any financial obligations you leave behind. Deduct any existing wealth to arrive at the coverage amount needed for your family’s financial security.

Myth 2: Term plan life insurance is a waste of money

Some people believe that term life insurance plans are not worth their premium payments because they only offer death benefits and no lump sum amount at maturity.

Reality: While it’s true that term life insurance plans don’t provide maturity benefits, they are far from being a waste of money. Imagine what would happen to your family if you were to pass away unexpectedly. A term plan ensures that it does not face financial difficulties during such times. By calculating the coverage amount correctly, you can safeguard your loved ones’ future financial well-being.

Myth 3: I am single, so I don’t need a term plan

Term life insurance is often seen as a product for individuals who are married and have dependents. There is no term insurance age limit, and people of all ages should go for it.

Reality: Even if you are single, term insurance can still be beneficial. If you have any loans or financial responsibilities, such as supporting your parents, term insurance can provide coverage for these obligations. While the coverage amount may be lower compared to someone with a family, it is still prudent to protect yourself from unforeseen circumstances.

Myth 4: Term plan life insurance is expensive

There is a common misconception that term life insurance plans come with high premium amounts compared to other types of life insurance policies.

Myth 5: Claims for term plan life insurance often get rejected

Some people hesitate to buy term plans because they believe that their claims will be rejected when they pass away.

Reality: As per the recently released IRDA’s annual report, the average death claim settlement ratio of insurance companies ranges between 85.3% and 99.07%. This means that for every 100 policies taken, only a maximum of 15 claims get rejected. The rejection rate is relatively low compared to the number of claims that are settled successfully.

Myth 6: My employer’s group life insurance policy is enough

Many individuals rely on their employer’s group life insurance policy and believe that it provides sufficient coverage for their family.

Reality: While being covered under your employer’s group insurance policy is beneficial, it’s essential to evaluate the coverage amount. Will the money provided by the policy be enough to support your family’s financial needs in case of an unfortunate event? Additionally, what if you change jobs and your next employer does not offer such benefits? It’s always wise to have a term life insurance policy of your own to ensure comprehensive coverage.

Myth 7: All term life insurance plans are the same and cannot be customised

There is a misconception that all term life insurance plans offer only one standard feature—providing a sum assured in case of the policyholder’s demise.

Reality: Term insurance plans today can be customised to fit your specific needs. You can add riders like accidental death cover or critical illness cover to enhance the benefits of your term plan. Moreover, you can choose from various types of term life insurance, such as return of premium option, increasing or decreasing term plans, or convertible term plans. The options are extensive, allowing you to tailor your coverage according to your requirements.

Myth 8: Buying term plan life insurance is a lengthy process

The perception that buying term life insurance through offline channels is time-consuming often deters individuals from purchasing it.

Reality: With the availability of online term life insurance plans, buying a policy has become a matter of a few clicks. The process is simple, hassle-free, and saves time compared to traditional methods.


Term life insurance offers high coverage at affordable premiums, ensuring that your loved ones are financially protected even when you’re not there. Don’t fall for the myths surrounding term insurances such as the term insurance age limit that discourage you from buying one. Evaluate your financial needs, consider the coverage amount required, and make an informed decision that will provide peace of mind. Remember, term insurance is not just for married individuals or those with dependents—it’s for anyone who wants to secure their family’s future financial well-being.

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