Term Insurance or Income protection which will provide financial coverage during your unexpected absence. Because of Term Insurance not only does your family remains financially independent, but also is able to fulfil its future needs like a young child’s higher education.
Term Insurance can act as your safety belt and help you to accelerate in your life too. Term insurance covers your risk in loss of life. Without term insurance (brake) you will not able to answer “what if I don’t survive till retirement?” , “what if I cannot earn till my retirement?” , “who will take care of my family finance comfort?”.
As humans, we have tendency to terribly under estimate the bad things which can happen to us. We feel that “accidents” and “unlucky incidents” happens in other lives.So we postpone buying the term insurance .This are some Common Objection / Reasons we get when we talk on Income Protection !!
” HOW MUCH WILL I GET IN RETURN?” is the general question asked by everyone, But it is the TERM INSURANCE job to take care of your family financial need during sudden demise.
So don’t expect anything to come back if you survive the policy term basically it is just 1% you need to keep aside during your earning age.
“IT’S TOO COSTLY!!”, saving just 500/- or 1000/- rs is not a big deal to ensure your family financial security. You can save by spending less on online shopping, watching fewer movies, Less hotel spending every month to save some money. And if you are money tight now, What if something happens to YOU?
” I AM STRONG AND HEALTHY I DON’T NEED IT NOW”, You eat right, you stay active, You passed your last physical with flying colours! That’s GREAT!! But life is very uncertain, even a healthy person can die no one is immortal. If you fall seriously ill or diagnosed with serious diseases like diabetes, hypertension or high cholesterol etc, then it gets tougher and costly to get insurance.
” MY COMPANY WILL PAY MY FAMILY”, great but most of the people don’t know how much their family get during such circumstance. And this is Group Insurance, which can be withdrawn or changed or reduced if there is a cost to the company. God forbids you to need to change the company or need to leave the company THAN WHAT? you will not be able to carry that insurance.
” I DONT HAVE DEPENDENTS I DONT NEED IT!! “, Sure you don’t need it when you have no one dependent on you. But in future, there will be a point where your income will be supporting your family. Think in the future point of view and in the present if you are young you can get at a cheap premium in comparison if took at later age.
” TERM INSURANCE IS NOT ON LIST…WILL DO IT LATER!! “, There’s no deadline on life insurance, no mandate from the government on purchasing it and not an important topic of conversation, easy to forget. But don’t let your “WILL DO IT LATER” to become “IF ONLY” for loved ones.
” INSURANCE IS TOO COMPLEX TO UNDERSTAND!! “ Insurance is not at all complex but insurance products not suitable to you are complex. MIND YOU INSURANCE IS NOT INVESTMENT.” I INVEST IN INSURANCE” is wrong English!!!!. Go for plain vanilla term insurance which is not at all complex to understand.
Conclusion
Death is not an issue for the person who dies because that person does not exist later to face the consequences. It’s the dependents, who face the heat – emotionally and financially.
Emotional suffering however huge, finally fades away over time slowly. Over years, life gets back on track. However financial impact is huge on the family, if a sufficient life insurance was not taken by the bread winner. Financial impact also completely changes the lives of family members and creates big issues.
In case your family members are financially dependent on you, and you do not have sufficient assets with you, please atleast buy sufficient life insurance (only a term plan) as soon as possible and secure their future. Do not over estimate your ability to avoid accidents. You have far less control over these things than you think.
If you are confused on which term plan to buy, we can help you along with my team. Book your appointment now!!
