Why is a term insurance important for you?

For any human being, it is important to plan for recovering the losses of a product / service before actually opting for the said product / service. When you buy the latest expensive iPhone, a good quality tempered scratch proof glass is a must along with a proper cover case. When you buy a car, the car insurance is bought in a quick fashion. Moreover, insurance such as fire insurance or property insurance have also become quite a norm with people who own their office in a building or have a property of their own. But, one aspect where people still hesitate or do not keep it at the forefront of their planning is buying a Term life insurance for themselves.

From people saying “I don’t believe in Insurance ” to people saying “it is only a waste of money which benefits only the organization to earn”, we have come across different opinions on insurance from different segments of customers. However, the crux of these opinions is simply the conviction in the subconscious mind of the said individual, that he/she will be doing fine and nothing unfortunate is going to take place with him. Just like the current COVID – 19 waves, where people got complacent that removing lockdown and the introduction of vaccines meant nothing is going harm them. Eventually, despite vaccination, COVID struck a lot of people and in turn affected a lot of families. Same applies to the theory of Insurance. While we all hope for a healthy and stable lifestyle for the future, the truth is that you just cannot predict it. We insure a lot of materialistic things we use in our daily lives, we otherwise spend a part of our daily income on hanging out with people who might not even be there for us in our tough times, but for some reason we choose to ignore the aspect of what could happen to our families or loved ones, in case of any eventuality.

You might be an excellent financial planner, chasing the best of the best funds or stocks in the market successfully, but any financial planning without a reserve is an incomplete planning. You might have a wealth of crores, but eventually on the demise, it is the amount you built that will go to your family. What about the inflation or the value of money at that point in time? This is where insurance plays a vital role as you have to shell out only a mere amount for an enormous amount of cover which will come in handy to your family other than your investments and can serve a different purpose in their regular lifestyle.

If anything, the world has taught us that everything around us is uncertain. Why take a chance with your life and thus with the livelihood of your loved ones behind you?