Life Insurance

We buy insurance to protect ourselves, or rather our dependents, from any financial distress that may be caused in the event of our death. This Financial distress may be caused in two ways.

  • Loss of a source of livelihood for the dependents, and
  • Stoppage of investments for the dependent's future.

The first is easy to understand; when the bread earner of a household dies, the household may be left without a source of livelihood. But this is not the only problem that may arise. There may be young children in the family whose future needs to be secured. The income earner might have been saving and investing for their future - for future events like higher education. When the income earner dies this saving / investment plan may come to an abrupt stop.

It is important to understand that these are two distinct eventualities: providing for the livelihood of the household and ensuring that the saving / investment plan continues, so that the targeted amount becomes available at the desired point of time.

You can buy insurance to cover only the first or both of these eventualities.

While buying life insurance, people tend to get confused Which Company to buy???? So, just ask three main questions while buying

  • Is the company profit making?
  • Has the company having the highest no. of claim ratios
  • Is the company having good products.

  

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