Savings Life Insuranceit is often subject to misconceptions that deter many people from taking advantage of its benefits.Although it combines protection and long-term savings, there are persistent misconceptions that create distrust.In this article, we will look at the most common myths about savings insurance „Life“and we will get the facts straight.
Myth: Savings insurance has no yield
Truth:
Savings insurance provides not only insurance protection but also capital accumulation.Depending on the product:
- Part of the premiuminvestby the insurer in low- or medium-risk assets;
- The annual yield can be between2% and 5%(depends on conditions and market);
- The accumulated amount is protected and is paid upon survival or the occurrence of an insured event.
Some products even offerguaranteed minimum income.
Myth: Payback is hard and slow
Truth:
The procedure for paying compensation or a saved amount is regulated and follows a specific deadline:
- If the documents are complete and correctly submitted, the payment is usually madeup to 15 working days;
- The law requires the insurer to notify the customer of a delay;
- Most companies haveonline tracking systems of submitted claims.
Delays usually occur due to lack of documents or legal cases, but are not the rule.
Myth: Only the rich can afford this insurance
Truth:
Savings insurance is available to a wide range of people, with different income options:
- There are installment productsfrom BGN 30–50 per month;
- Most insurers offerflexible plans– monthly, quarterly, annual;
- It can be tailored according to personal or family budget.
It's important to plan as you can, but you don't have to be "rich" to take advantage of this form of financial security.
Myth: It is better to save in a bank
Truth:
Bank savings products do not offer insurance protection, while life savings insurance has a dual effect:
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| Profitability | Often below 1% | Up ... Savings Life Insuranceit is often subject to misconceptions that deter many people from taking advantage of its benefits.Although it combines protection and long-term savings, there are persistent misconceptions that create distrust.In this article, we will look at the most common myths about savings insurance „Life“and we will get the facts straight. Myth: Savings insurance has no yieldTruth:
Some products even offerguaranteed minimum income. Myth: Payback is hard and slowTruth:
Delays usually occur due to lack of documents or legal cases, but are not the rule. Myth: Only the rich can afford this insuranceTruth:
It's important to plan as you can, but you don't have to be "rich" to take advantage of this form of financial security. Myth: It is better to save in a bankTruth:
Additionally, in case of death or disability, the insurance pays a benefit that exceeds the invested funds. Myths surrounding savings life insurance are often due to incomplete or outdated information.The truth is that this financial instrument combines security, capital accumulation and the possibility of long-term stability.There are options for different budgets, clear repayment terms and additional benefits such as tax relief.
Download the app  Download the appSavings Life Insuranceit is often subject to misconceptions that deter many people from taking advantage of its benefits.Although it combines protection and long-term savings, there are persistent misconceptions that create distrust.In this article, we will look at the most common myths about savings insurance „Life“and we will get the facts straight. Myth: Savings insurance has no yieldTruth:
Some products even offerguaranteed minimum income. Myth: Payback is hard and slowTruth:
Delays usually occur due to lack of documents or legal cases, but are not the rule. Myth: Only the rich can afford this insuranceTruth:
It's important to plan as you can, but you don't have to be "rich" to take advantage of this form of financial security. Myth: It is better to save in a bankTruth:
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