Why Life Insurance?

Life is uncertain in two ways. We live at the risk of dying too early, but we also live at the risk of living too long. And sometimes we ignore the second risk. Well, we ignore both of them. Even Warren Buffet, the great investor of our time and one of the richest on the planet, says that when you start earning, the first thing that you have to provide for is your life insurance, only then you can start saving. By this he meant: Once you start earning, some people are dependent on your earnings. It’s not just you now, there are other people; your spouse, children, and the entire family. As you grow, your parents are also dependent on you. You have to look out for all the people who rely on you.

The question is how is their life impacted in case you are not there?

So to be there for your loved ones, you must take life insurance in the beginning, the day you start earning so that you can plan your investments accordingly. Warren Buffet, also said that you plan for your retirement the day you start your earnings. Therefore, take a life cover, the day you start earning, so you can easily plan for your retirement. Sometimes we say it’s never too late to start. Indeed it is not. But it’s essential to start early because the power of compounding your money over a longer-term gives you the ease of saving. It’s not like you have to invest a very large amount. If you start, say at the age of 25 or 30, and you’re planning your retirement post 60, you have 30, 35 years which is good enough. A stable time for you to plan your retirement and have a good, comfortable life. Because after retirement, if we live too long, we will run the risk of high medical expenses. Some people are even at the risk of providing for their food. How do they eat? They have extinguished their savings very early. Maybe if we retire at the age of 65 or even 80, we must have something with us to provide for our needs. And if we talk about life span, well it is getting better, 85 to 90 years, Living post the age of 100 years is also possible sometimes. Today we have uncompromising pollution. And maybe with this kind of pollution that we live in, the lifespan may reduce, but 5 to 10 years down, with the EVs coming in, we might see less pollution. With the advancement in technological science, the average life span of an individual has certainly increased. So it’s important to take life insurance coverage. Today’s term plan is available till the age of 100 years. And why not? We work towards leaving you with no risk. When the risk is taken care of by the insurance company, why take the risk on you?

Think and Act accordingly, because each action is your step towards a risk-free future.