“Insurers are thieves”, “I’m paying for thin air”, “GESY is enough for me”: what is actually true?

We understand where this comes from, often a bad experience. But insurance is a written contract with rights: 30 days to cancel a new individual life policy, a written answer to a complaint within 45 days, and the Financial Ombudsman for a €20 fee. In 2024 life insurers in Cyprus recorded about €287 million in claims and benefits. Read, ask, and keep everything in writing.

Because what you buy is a promise for the day you need it, like a seatbelt. If nothing happens, you had the protection without needing it; that is the best outcome. Ask yourself: if it happened, could I carry it alone?

You may be right: GESY is broad, and for many people it is enough. But the WHO reports gaps, such as waiting lists for some services and difficulties accessing new medicines. Private cover is a complement for choice, speed and gaps. Whether it is worth it for you depends on the terms and on what you want.

It is true and it is precious. The question is whether they can replace a missing salary for years without putting their own plans at risk. A talk with them, with numbers, shows whether anything more is needed. Often insurance is the way not to have to ask them for so much.

The state gives some support, such as widow’s and orphan’s pensions, if the contribution conditions are met. But the widow’s pension is 60% of the deceased’s basis, not their whole salary. Ask Social Insurance what your family would receive, and see whether it is enough.

It is a good start. But check how much it covers, what it excludes, and what happens if you change jobs or are let go, because group cover often ends with the job. If you later need a new application, it will be judged on your age and health at that time.

Well done; it lowers many risks and often makes cover cheaper. But it does not protect against an accident or something not yet visible. And good health is exactly when an application is judged on the best terms.

It is reasonable to set priorities. Just remember that the cost usually rises with age, and that a condition that appears later can bring exclusions. A small, basic cover today can grow when your income grows.

It might. But a sale takes time, the price may not be good at that moment, and the estate often has to be administered first. Meanwhile the bills keep coming. Ask yourself how many months your family could wait.

Refusals happen, and some are unfair. But the most common reasons are specific: a condition that was not declared, or a claim that does not meet the definitions. That is why an honest declaration and reading the definitions protect you. If you are refused, ask for the specific clause in writing and complain.

It is a legitimate choice for the investment part, and many people use it. But investing and protection do different jobs: a portfolio that has just started will not cover your family if something happens early. Some people combine their own investing with simple life cover. We do not recommend any product; suitability is judged by a licensed advisor.

You may gain, you may also lose; the value swings a lot. Insurance is not a bet for profit; it is a net for the day something goes wrong, even if the market is down that day. The two do not exclude each other. This is an educational comment, not investment advice.

They are assets with their own value, and their prices change too. A life policy does something else: it pays a set amount at the moment it is needed, without anyone having to sell anything in a hurry. Many people have both, for different reasons.

For small surprises it is an excellent idea. The issue is time: if you put aside €100 a month, after two years you have €2,400, while a serious illness or a death can happen in the third month. Many people do both: a reserve for the small things, insurance for the big ones.

We understand the annoyance when an acquaintance pushes you. But insurance distribution has rules: the advisor must be registered, tell you what kind of pay they receive, record your needs and act in your interest (IDD). Check their registration, ask for everything in writing, and remember you can always say no.

Payments are rarely talked about; refusals are talked about far more. In 2024 life insurers in Cyprus recorded about €287 million in claims and benefits (this includes maturities and surrenders). In the United Kingdom (not Cyprus), 96.9% of new individual protection claims were paid in 2024.

We are sorry about that. If the case is recent, it may not be too late for a written complaint and the Financial Ombudsman. For the future, a good experience starts with an honest declaration, reading the definitions and written answers. You do not need to trust blindly; you need to check.

For pure protection, simple term life cover usually gives the largest sum insured for your money. Other plans do other jobs, such as saving or lifelong cover. There is no “one for everyone”; start from your goal.

You are right that the pressure is real. A small reserve comes first. Then, if someone depends on your income, simple cover at a younger age usually costs less than later. Nobody should pay for something they cannot afford.

For you, no. For those left behind, it may be: a loan, rent, children growing up. If nobody depends on you, you may genuinely not need life cover. If someone does, a calm thought is worth it.

The basics do not take long: a list of what you have, the beneficiaries, and a look once a year. The “Annual review of the policies you hold” tool does it in a few minutes. For the rest, ask for explanations in writing.

From what you want to protect: income, family, health, a loan. Then write down what you already have, from work or elsewhere. And before you sign anything, read the definitions and exclusions, and declare your health honestly.