The most common misconceptions surrounding life insurance relate to how the policy pay out works and how life assurance differs from insurance. Providing financial security for their family is named the most popular reason for taking out life insurance. Policy holders were just as likely as those without life insurance to fall victim to misconceptions. Almost a fifth of people (18%) with life insurance do not understand the terms by which their beneficiaries would get a pay-out from their policy in the event of their death according to a survey…
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