A myth or, as it is more commonly called today, an urban legend is something many people believe in, usually because they trust whoever told it to them. The urban legends, however, often are not true. Does it happen to insurance? The truth is yes. Insurance has several urban legends that allegedly speak of things it does or does not do, but which are not true. Here we are going to explain some of them.
Surely you have ever heard it said, for example, that health insurers do not have larger policyholders, that they expel them as soon as they start to cause problems. Well, it is false. One out of every three health insured persons is over fifty years old. In fact, insurers spend four million euros every day treating clients with serious or very serious morbidity, many of them elderly.
Another common myth is saying that health insurance only treats minor ailments. In other words, to be insured you have to be healthy as a pear, and if not, then you have to go. The facts, however, disprove these claims. Look: health insurance pays benefits worth more than 1,000 million euros in treatment and medical services for its insured who have such serious ailments that the global annual expense caused by each of them exceeds 6,000 euros. The flow of service towards those of the clients (many of them of advanced ages) who need constant and sophisticated attention is therefore constant.
Spanish health insurance, in fact, is self-regulated so as not to oppose the renewal of the contract of any client who has been in the contract for five years or more.
The reverse myth to the one we just told you is that which tells us that funeral insurance only has older clients. It is also false. Half of the clients of Spanish funeral insurance are under 50 years of age.
European insurance has more than one hundred million clients, two-odd times the entire Spanish population. It is present in 96 of every 100 homes and attends millions and millions of mishaps. This is the reality. Myths are just that: myths.
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