Five Common Myths About Personal Insurance

Think you know everything about personal insurance? Think again! Here at Oviso, we often hear misconceptions about personal insurance from customers looking for financial advice.

That’s why our team have decided to take this opportunity to dispel five of the most common myths.

1. “Insurance companies don’t pay out!”

Last year, 97.3% of all claims were settled (Association of British Insurers 2016).

2. “I’m too young to need insurance.”

Whilst the average claimant is in their 40s, records show life and critical illness claims being paid to people in their early 20s, and as young as 17 for personal sick pay policies.*

*(LV claims performance 2016)

3. “They’re not worth the money.”

Insurance policies now offer a wide range of additional support systems and extras, such as access to counselling services and second opinions from field experts.

Services such as Royal London’s Helping Hand, Aviva’s Global Treatment and AIG’s Best Doctors all provide much-needed support at diagnosis and treatment stages that go beyond a simple financial pay-out.

4. “If I don’t ever claim, it’s not worth it.”

From free coffees, cinema tickets and half-price gym memberships, to health and legal advice lines and bereavement support in the case of a loved one passing, policies have many more benefits than you may realise.

5. “I’m single, I don’t need insurance.”

The average UK sick payout is only £83.95 per week* - would this be enough to pay for your mortgage or rent, bills, food and all the other everyday costs that soon add up? Income protection can provide a monthly income to cover your loss of earnings, allowing you to focus on getting better without the addition of financial stress.


Thinking of investing in personal insurance? Contact a member of our team today.

Payment Protection Insurance is optional.  There are other providers of Payment Protection Insurance and other products designed to protect you against loss of income.


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