The Importance of an Insurance Policy

1. The Importance of an Insurance Policy Geetha M (Financial Advisor)

2. Insurance policies are a critical part of modern day living. They offer blanket security for your life as well as your loved ones. Here is why it is important to have an insurance policy as a modern day citizen. • Life is a delicate thing. Creating security around it is a responsibility that we are bound by as we go through this journey. • Life insurance perfectly caters to this necessity by giving you access to healthcare that could well save your life. • This is critical as we step forward into life, constantly at risk from various ailments that are a common theme with the society at large. • Life insurance cuts swathes through all these problems and comprehensively provides monetary protection for people from all walks of life.  Here are the reasons why life insurance is a good idea.

3. Dealing With Life’s Uncertainties • This is the primary purpose of life insurance. It is true that no amount of money would be equal to cementing the loss of a person from your life. • Money cannot cushion the depths of someone’s absence or even give you respite from how much pain that absence might cause. • However, what money can do is to provide you with all the financial security possible, when faced with an uncertainty that has the potential to claim a life. • This is exactly what life insurance is, a claim to hold someone in your life rather than your memories.

4. Providing For Your Children • There aren’t many parents out there who do not believe their children deserve the best of everything. • Indian parents in particular, raise their own children with a bubbling anxiety about their futures. • At a financial level, getting life insurance is a good way of alleviating some of this anxiety. • This is because having children forces you to become extremely aware of your own mortality.

5. Wiping Out Debts • Modern day living is not an easy one. Everyone is addled in debt chasing lifestyles they cannot afford. • Being debt ridden is often an archetype of the middle class. The necessities that we deem integral would end up costing us a lifetime of monetary bleed. • Ironically, that also happens to be the best case scenario. • The worst, is simply that your untimely death would lead your family to bear the extra expenses of the lifestyle that you had so lovingly handed to them. • It is important to have life insurance because your debts should not transfer onto your loved ones.

6. For Peace of Mind • Life’s uncertainties will always be a gentle banshee that keeps disturbing the subconscious of your mind. • You will be wary of all that it has to say about the fickleness of your future. It will splatter doubts in the back of your mind about what your necessities are, it will have volatile opinions about what your dreams should be. • Life insurance can help you get perspective. It can make your immediate choices easier without having to consider the future too much. • This peace of mind that it provides can liberate your life in a wonderful manner. • It frees you from the shackles of the ordinary and introduces you to all the potentials life actually holds.

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