{"id":5932,"date":"2025-07-11T12:19:54","date_gmt":"2025-07-11T12:19:54","guid":{"rendered":"https:\/\/s9financialplanners.com\/blog\/?p=5932"},"modified":"2026-04-24T05:10:07","modified_gmt":"2026-04-24T05:10:07","slug":"common-misconceptions-insurance-financial-planning","status":"publish","type":"post","link":"https:\/\/s9financialplanners.com\/blog\/common-misconceptions-insurance-financial-planning\/","title":{"rendered":"The 5 Most Common Misconceptions About Insurance in Financial Planning"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"5932\" class=\"elementor elementor-5932\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-125c88d6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"125c88d6\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-694f5fbf\" data-id=\"694f5fbf\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2a20f474 elementor-widget__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"2a20f474\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Financial planning is one of the most important aspects of life yet, ironically, it&#8217;s one of the least talked about. And when it comes to insurance, things get even messier.<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">Working in this sector has given me a close look into human behavior and the psychology behind money decisions. It&#8217;s unfortunate that insurance still needs to be <i>pushed<\/i> like a product. Sometimes it feels like we&#8217;re selling a commodity, not offering protection.<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">Take vehicle insurance, for example. Most people pay for it out of fear\u2026 the fear of getting caught by the traffic police. But when it comes to life or health insurance, there&#8217;s no such &#8216;checking officer&#8217; so there&#8217;s little discipline and even less urgency.<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">People carry myths, half-baked assumptions, and misplaced priorities that pushes insurance in the list of &#8216;good-to-haves&#8217; rather than &#8216;must-haves&#8217;. So, in this blog, I am busting the most common myths about insurance in financial planning to help you see it for what it really is: a must-have shield!<\/span><\/p>\n\n<h2 style=\"color: #000000;\"><span style=\"font-weight: 400;\">Myth 1: My company gives me insurance. That should be enough.<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">A big chunk of my clients include corporate employees from different industries, and the first objection they have for insurance is that they are covered under the group insurance of their company.<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">Having a cover under company&#8217;s group health policy is good, but is it really enough?<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">Let&#8217;s say your company offers you a protection of \u20b93 lakhs and a medical emergency costs you \u20b95 lakhs (which is very common these days), who&#8217;s going to bear the additional \u20b92 lakhs expense? Not only this, there are a few more questions you need to ask yourself if you believe the company&#8217;s health insurance is enough for you.<\/span><\/p>\n\n<ul>\n    <li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">What if you leave your job or your company lays you off?<\/span><\/li>\n    <li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">What if there&#8217;s a limitation in the group policy that you are not aware of?<\/span><\/li>\n    <li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">What if the coverage is too basic\u2026 just a tick in the box?<\/span><\/li>\n<\/ul>\n\n<p><span style=\"font-weight: 400;\">Employer insurance is a good add-on to have, but it shouldn&#8217;t be your only line of defence. Not sure if your employer&#8217;s cover is enough? A quick second opinion can help you <a href=\"https:\/\/s9financialplanners.com\/contact-us.php\"><span style=\"font-weight: 400;\">identify gaps <\/span><\/a>you might be missing.<\/span><\/p>\n\n<h2 style=\"color: #000000;\"><span style=\"font-weight: 400;\">Myth 2: Insurance is too expensive.<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">This one makes me a little sad. When a client says, &#8220;Urmila, insurance is too expensive. Let&#8217;s do something better with my money&#8221;, I literally give a sigh.<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">Yes, paying insurance premiums might feel like an added burden. But, this only happens till you realize the cost of not having it. Do you know what is truly expensive? A sudden diagnosis. A hospital bill. And a financial hit when a loved one is gone.<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">No, insurance is not expensive, especially when you start young. Premiums are way lower and affordable for young and healthy individuals.<\/span><\/p>\n\n<h2 style=\"color: #000000;\"><span style=\"font-weight: 400;\">Myth 3: All insurance policies are the same.<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">It hits differently when I see people checking every minute detail while buying a phone, talking extensively on the features of different vehicles, but assuming every insurance policy is the same.<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">I&#8217;ve seen the smartest of people picking up insurance policies without understanding what they are signing up for. They go for a certain policy just because a friend or a friendly insurance agent told them so.<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">Sometimes they mix insurance with investment which neither gives solid protection nor a meaningful return. Some pick an insurance full of terms and conditions that are only revealed to them when the insurance gets rejected.<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">Buying insurance without understanding it in detail is like buying a shoe without trying it on. It might cover something but won&#8217;t fit you comfortably as per your need because <a href=\"https:\/\/www.investopedia.com\/financial-edge\/0212\/4-types-of-insurance-everyone-needs.aspx\">all insurance policies<\/a> are not the same.<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">This is where a <a href=\"https:\/\/s9financialplanners.com\/Second-Opinion-on-Finance.php\"><span style=\"font-weight: 400;\">professional second opinion<\/span><\/a> adds real value\u2014understanding what you&#8217;ve bought and whether it actually fits your needs.<\/span><\/p>\n\n<h2 style=\"color: #000000;\"><span style=\"font-weight: 400;\">Myth 4: I&#8217;m healthy. I don&#8217;t need insurance right now.<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Young adults today believe in living lives here and now, which is good in many senses, but not when it comes to contingency planning like insurance. This is not something you buy when you need it; it is something you buy and keep for &#8216;in case you need it&#8217;.<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">It&#8217;s nice if you feel healthy and believe you&#8217;ll always be like this but it&#8217;s not practical. Emergencies don&#8217;t wait for old age. You don&#8217;t go shopping a fire extinguisher when your building catches fire, right?<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">Moreover, you should also understand that<\/span><\/p>\n\n<ul>\n    <li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">You get the best premiums when you&#8217;re healthy<\/span><\/li>\n    <li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">You get better policy options with no exclusions<\/span><\/li>\n    <li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">You save money in the long run<\/span><\/li>\n<\/ul>\n\n<p><span style=\"font-weight: 400;\">Delaying this decision often reduces your options later. It&#8217;s worth <a href=\"https:\/\/s9financialplanners.com\/Second-Opinion-on-Finance.php\"><span style=\"font-weight: 400;\">evaluating your choices<\/span><\/a> while you still have the advantage.<\/span><\/p>\n\n<h2 style=\"color: #000000;\"><span style=\"font-weight: 400;\">Myth 5: Only earning members of a house need insurance<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">I see this myth as a shadow of patriarchy that sees the value of only the &#8216;breadwinners&#8217; of the family. Term insurance is definitely essential for someone who is earning for the family but that doesn&#8217;t mean other members of the family don&#8217;t need protection.<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">Here&#8217;s how it actually works:<\/span><\/p>\n\n<ul>\n    <li style=\"font-weight: 400;\" aria-level=\"1\"><b>Health insurance<\/b><span style=\"font-weight: 400;\"> is needed for <i>everyone<\/i>, including non-earning members like children, homemakers, and elderly parents<\/span><\/li>\n    <li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/s9financialplanners.com\/blog\/benefits-term-insurance-financial-plan\/\"><b>Term insurance<\/b><\/a><span style=\"font-weight: 400;\"> is crucial for anyone whose absence would cause a financial vacuum. And yes, even homemakers fall in this category today.<\/span><\/li>\n    <li style=\"font-weight: 400;\" aria-level=\"1\"><b>Accident and critical illness policies<\/b><span style=\"font-weight: 400;\"> don&#8217;t care about your salary slip; they care about how quickly you can get care and compensation in tough times<\/span><\/li>\n<\/ul>\n\n<p><span style=\"font-weight: 400;\">A balanced insurance plan protects the whole family, not just the income.<\/span><\/p>\n\n<h3 style=\"color: #000000;\"><span style=\"font-weight: 400;\">Final Thoughts<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Why I initiated this discussion on myths and misconceptions regarding insurance policies is because it is the first step towards a financially secure life. I&#8217;ll keep it very simple. Here&#8217;s what you should do if you want to secure your financial foundation &#8211;<\/span><\/p>\n\n<ul>\n    <li style=\"font-weight: 400;\" aria-level=\"1\"><b>Buy your own policies.<\/b><span style=\"font-weight: 400;\"> Don&#8217;t rely only on employer coverage.<\/span><\/li>\n    <li style=\"font-weight: 400;\" aria-level=\"1\"><b>Start early.<\/b><span style=\"font-weight: 400;\"> Don&#8217;t wait for illness or age to catch up.<\/span><\/li>\n    <li style=\"font-weight: 400;\" aria-level=\"1\"><b>Understand what you&#8217;re buying.<\/b><span style=\"font-weight: 400;\"> Don&#8217;t just sign where they ask you to.<\/span><\/li>\n    <li style=\"font-weight: 400;\" aria-level=\"1\"><b>Work with a financial planner.<\/b><span style=\"font-weight: 400;\"> Someone who checks on your cover like a &#8216;traffic police&#8217; of your portfolio\u2026 but for your benefit.<\/span><\/li>\n    <li style=\"font-weight: 400;\" aria-level=\"1\"><b>Review your cover annually.<\/b><span style=\"font-weight: 400;\"> When needs change, so should your policies.<\/span><\/li>\n<\/ul>\n\n<p><span style=\"font-weight: 400;\">No one checks your health insurance card at a red signal. But life throws red signals when you least expect it. Make sure you start your financial planning with insurance. Because money can grow only when it&#8217;s protected from uncertainties.<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">Still unsure if your insurance is enough? You can either keep assuming\u2026 or get clarity. Reach out for a second opinion or a <a href=\"https:\/\/s9financialplanners.com\/comprehensive-finance-Planning.php\"><span style=\"font-weight: 400;\">personalised financial plan<\/span><\/a> that balances growth and protection.<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\"> <\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1736dc4 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1736dc4\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-47c973c\" data-id=\"47c973c\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-eb68891 elementor-widget elementor-widget-text-editor\" data-id=\"eb68891\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h3><b>Frequently Asked Questions<\/b><\/h3><p><b>How do I know how much health insurance coverage is actually enough for me?<\/b><b><br \/><\/b><b>Ans. <\/b><span style=\"font-weight: 400;\">The \u2018right\u2019 coverage depends less on generic rules and more on your city, lifestyle, and family structure.<\/span><\/p><p><span style=\"font-weight: 400;\">For example, in metro cities, a single hospitalisation can easily cross \u20b95\u201310 lakhs. If you have dependents, the required cover increases further. A practical way to think about it can be:<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Minimum: \u20b910\u201315 lakhs (base + top-up combined)<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Adjust upward if you have family members, medical history, or lifestyle risks<\/span><\/li><\/ul><p><span style=\"font-weight: 400;\">However, it\u2019s always better to calculate this based on your real situation rather than rely on broad benchmarks.<\/span><\/p><p>\u00a0<\/p><p><b>Do I really need a financial planner for something like insurance?<\/b><\/p><p><b>Ans.<\/b><span style=\"font-weight: 400;\"> If you want to just \u2018buy\u2019 insurance, you don\u2019t need a financial planner, but if you want to design adequate safety for your life, professional help becomes inevitable. If you:<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Have multiple policies<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Are unsure about coverage adequacy<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Don\u2019t fully understand what you\u2019ve bought<\/span><\/li><\/ul><p><span style=\"font-weight: 400;\">Then a professional review can help you avoid costly gaps or overlaps.<\/span><\/p><p><span style=\"font-weight: 400;\">The key value is <\/span><b>clarity and objectivity<\/b><span style=\"font-weight: 400;\">, not just buying another policy.<\/span><\/p><p>\u00a0<\/p><p><b>What should I do if I already have multiple insurance policies?<\/b><\/p><p><b>Ans. <\/b><span style=\"font-weight: 400;\">Don\u2019t rush to cancel or buy more. First:<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Evaluate what each policy actually covers<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Identify overlaps and gaps<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Check if they align with your current needs<\/span><\/li><\/ul><p><span style=\"font-weight: 400;\">Often, the issue isn\u2019t lack of insurance\u2014it\u2019s misalignment. A structured review can help you optimise what you already have before making new decisions.<\/span><\/p><p>\u00a0<\/p><p><b>How do I avoid being sold the wrong insurance product?<\/b><\/p><p><b>Ans. <\/b><span style=\"font-weight: 400;\">You need to be alert if you want to avoid wrong insurance products because there are many who engage in mis-selling. A simple filter can be:<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">If the conversation starts with a product, be cautious.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">If it starts with your life, goals, and risks\u2014that\u2019s a better sign.<\/span><\/li><\/ul><p><span style=\"font-weight: 400;\">Good insurance decisions come from understanding:<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Your financial responsibilities<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Your dependents<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Your long-term goals<\/span><\/li><\/ul><p><span style=\"font-weight: 400;\">Products should come <\/span><i><span style=\"font-weight: 400;\">after<\/span><\/i><span style=\"font-weight: 400;\"> this clarity, not before.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>People carry myths, half-baked assumptions, and misplaced priorities that pushes insurance in the list of \u2018good-to-haves\u2019 rather than \u2018must-haves\u2019.<\/p>\n","protected":false},"author":4,"featured_media":5933,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[83,2,54],"tags":[],"class_list":["post-5932","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-finance","category-financial-planning","category-insurance-planning"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>5 Misconceptions About Insurance in Financial Planning (2025 Guide)<\/title>\n<meta name=\"description\" content=\"Know why insurance in financial planning is a must-have, not a luxury. 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