Debunking the Common Myths About Insurance

The decision to purchase insurance is often met with hesitation and denial. However, it is crucial to separate the fact from long-held beliefs when it gets down to protecting yourself and your loved ones.

Even though insurance is a critical investment, many Filipinos are underinsured or have no coverage because of misconceptions surrounding it. The decision to buy one is often met with hesitation and denial. The topic appears to be complicated and confusing given the many insurance providers, kinds of coverage, and insurance policies. However, it is crucial to separate the fact from long-held beliefs when it gets down to protecting yourself and your loved ones. 

To get started, read on to know the common myths about insurance and the associated facts for each. Hopefully, this article increases your confidence in purchasing your very first insurance plan. 

Myth 1: “Insurance plans are expensive. I don’t have the budget for it.”

One of the biggest misperceptions about insurance is that it’s unaffordable for the average individual or family when in fact, you can easily find a policy that will fit into your budget. Start by assessing your present goals and priorities, then evaluate how much coverage you need. For instance, MICI’s Personal Accident Insurance price starts at ₱45 with basic coverage valid for one (1) year. You can even customize this through riders or add-on benefits based on various personal factors, like your current income, dependents, and lifestyle, among others.

Myth 2: “Insurance is only for people who have dependents or families.”

Choosing which kind of policy to buy is a personal decision that differs from one person to another. If you have children and a partner, then you need to have life insurance. But what if you are a single person with no dependents? Should you still have insurance? Yes. There are many types of insurance plans that you can avail of regardless if you don’t have a family relying on you. For instance, MICI has nonlife insurance policies to cover you, your legal liabilities, and your physical and real properties. Consider it as an investment that you are protected from the inconvenience and unexpected expenses brought by loss and damages to your individual assets.

Myth 3: “I am better off investing and saving my money than buying insurance of any kind.”

Sure, it is essential to have savings and diversified investments. But you are taking a big chance to solely depend on your hard-earned money to sufficiently cover you when the need arises. Besides, you never know when you might use up your savings for something else – travel, wedding, or job loss even. And unless your investments fully guarantee your returns, you are better off putting your money somewhere safe with an assured payout in case of emergencies.

Myth 4: “Insurance application is a complicated process that requires a lot of time.

Digital transformation is reshaping the insurance industry, especially now that consumers expect faster, easier, and more secure insurance solutions. MICI, specifically, has quickly adapted to this insurtech trend to be able to provide greater convenience to Filipinos. With just the use of your digital device and the internet, you can now purchase your desired insurance plan at anytime and anywhere you are. 

Still not sure where to start? Fret not! Learn more about MICI’s different offerings at or find the best type of insurance policy fit for your needs by inquiring through

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