17/07/2025
I was once giving a talk to a group of young professionals, and someone asked,
โBut Dr. Sanjayโฆ do I really need insurance now? Iโm still single.โ
The room laughed, but itโs one of the most common misunderstandings.
Here are 6 myths I hear all the time and the truths behind them:
1๏ธโฃโI donโt have dependents, so I donโt need insurance.โ
You might not have kids, but if you fall sick or get hospitalized, who pays the bills? Your future self does. Insurance is for you too.
2๏ธโฃโIโm still young, I can buy it later.โ
Later often means more expensive. Or worse, not available. One health scare, and the door might close permanently.
3๏ธโฃโMy company covers me.โ
Yes, while youโre employed. Lose the job โ lose the cover. And corporate plans rarely include critical illness or long-term protection.
4๏ธโฃโIโll wait until I earn more.โ
Ironically, premiums are the cheapest before your income rises. Starting small now is smarter than overcommitting later.
5๏ธโฃโItโs not urgent.โ
No one buys insurance because itโs urgent. They buy it so emergencies never become a financial disaster.
6๏ธโฃโItโs too complicated.โ
Only if you speak to the wrong advisor. A good one makes it clear, clean, and contextual.
๐ง Donโt let myths shape your money mindset.
Insurance isnโt about being scared.
Itโs about being smart before you're sorry.
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If you are reading this as a client, remember to consult a financial advisor and go over all of your plans thoroughly. Understand what kind of insurance is the best fit for you.
If you are a financial advisor reading this, please share it with your clients and friends who you think should be aware of this.
