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Life insurance helps your loved ones live

November 4, 2019

Life insurance is one of those common-sense products that come with a number of advantages, and very few drawbacks. That’s why millions of men and women take the opportunity to purchase coverage — to protect their loved ones in the event of their own premature death. However, it is not a very popular product in India, at least term insurance. The best product that the industry has does not sell as much as people think it should.

Some die-hards offer interesting reasons why they will NOT buy life insurance. Insurance professionals have listened to them all. Here are the comments — some serious, some tongue-in-cheek — we’ve heard over the years:

“I don’t believe in life insurance!” 

Life insurance isn’t a religion or political philosophy. It is a financial tool with a proven track record for protecting your loved ones and helping on assuring their financial security. People who believe in providing for their families believe in life insurance.
My take: I still am to hear somebody say “I do not believe in getting claim amounts.”

“I want them to miss me when I’m gone!” 

Don’t we all? However, wouldn’t it be nice if they remembered us fondly for having provided the funds to help pay off the mortgage on the house?


“Why should I make her next husband (his next wife) rich?”
Good point. That’s why some people select a structured payout of proceeds. That’s also why many people protect their spouse with life insurance. It helps create viable choices for loved ones.
My take: Do you expect a 34-year-old widow to close all options? You must be morbid.

“Let the kids work through college, just like I did!” 

There are days when, if we have children, we all feel that way. But we don’t really mean it. We devote ourselves to helping our children get a good start in life. That means helping them to get a good education. If we die prematurely, our children’s lifestyle and dreams could be uprooted. Life insurance can help provide the funds to make sure your children get a good education and a strong start in life.
My take: Even if you do not provide for the luxuries, you should provide for the basic education.

“You have to die to win!” 

In the event of your death, you lose either way. However, wouldn’t it be better to make sure that your spouse and children will be financially provided for? We don’t buy life insurance for ourselves. Life insurance is for the living, for those who must continue after we are gone. Besides, if you are fortunate enough to live to a ripe old age, it makes little sense to complain that you didn’t get to use your life insurance.

My take: Does it mean if you take car insurance, you want to meet with an accident? This is hogwash. Life insurance is not because you will die; it is because your loved ones will live.

In fact, life insurance is one of those win-win financial vehicles that enable you to accomplish a great deal with very little. It is the ONLY product available that can deliver a guaranteed sum of money (cash flow) to your loved ones at the very moment it is needed the most.

Remember, we don’t buy life insurance for ourselves…but for the ones we love. We buy it to provide peace of mind for ourselves and a degree of certainty for our spouse and children. Life insurance helps you meet the commitments and keep the promises you have made to your family.


Categories: Life insurance