A Day Without Life Insurance

You wake up like any other day, expecting nothing more than your usual daily routine. Perhaps you are an office worker, spending your whole day travelling and sitting at your desk job before returning home. Or maybe you work at home, taking care of daily chores and maintaining your house while your family is outside. No matter what your day looks like, you hope that your life goes as usual without a hitch. 

But here’s the thing… No matter who you are or what you do for a living, you can never actually predict what will happen in your day. Uncertainty is a defining factor in all our lives. Anything can happen at any time, even on the dullest of days. Thankfully, the modern world gives us a simple way of preparing for the unexpected- Insurance. 

You can get insurance for your car, your house, and even your health! But the most important thing that you can secure is your life. Life insurance is an essential investment for anyone who wishes to secure their loved ones in their absence. Let’s go through a few hypotheticals and see how your life could be impacted if you don’t have insurance.  

 

What is Life Insurance? 

Life insurance is financial contract between you and the insurance provider, where you pay premiums in exchange for an assured life cover amount. As the name implies, life cover is a financial benefit that is paid out in case of your untimely demise. This cover amount is significant and can help your loved ones maintain their finances even with the loss of your income. Despite its importance, life insurance penetration remains low in India. As per a study by Swiss Re, life insurance penetration in FY 23-24 is projected to be at 2.9%. However, penetration is steadily growing as more people are starting to understand the crucial importance of life insurance.   

What Can Happen if You Are Living a Day Without Insurance? 

When You Don’t Have Car Insurance 

Cars are an essential mode of transportation for thousands of working people in India. In a big city like Mumbai or Delhi, hundreds of office goers flood the city streets with their cars during peak hours. While cars make your life convenient, they are also an expense that can be financially taxing if you are careless. Plus, the real expense of cars come from their maintenance. 

On a day without car insurance, a single scratch, a small bump on your hood, or a flat tire can punch a serious hole in your wallet. But with car insurance, you can drastically reduce your car maintenance bill. For a modest premium, you can secure affordable repairs for your vehicle and drive around with absolute peace of mind.  

When You Don’t Have Health Insurance 

No matter how careful you are, sometimes you just can’t avoid falling sick. This is especially true if you go to work every day, but even those who stay at home cannot assure their health with absolute certainty. And it is no secret that medical bills are going through the roof these past few years. Even a simple medical checkup can cost you ₹1000 or more.  

Falling sick without health insurance is not only bad for your body but also terrible for your savings. Expenses for treatments, checkups, and medicines can quickly pile up. Health insurance plans are the key to affordable healthcare, as they cut down your medical bills by half or more.  

When You Don’t Have Life Insurance 

Nobody likes to imagine a world where they are no longer around. But as we grow older and gain more responsibilities, the fear of not being able to provide for our loved ones becomes more and more significant. This is even more relevant to those who are the sole breadwinners of their families. If your income plays a significant part in maintaining your family’s standard of living, then the loss of your income will be equally significant to their lives.  

One day can change a person's life forever, and it is better to prepare for any eventuality, however improbable, than it is to remain unprepared for the worse case scenario. This is why life insurance is such an important investment for those with a family to protect. The primary benefit of life insurance is the life cover amount it provides to your loved ones when you are gone. But that is not the only benefit you can gain from a life insurance plan. Some essential security elements provided by life insurance include:   

• Life Cover/Death Benefit: All life insurance plans provide this benefit. When you pass away, your family can make an insurance claim and receive the death benefit amount. This amount is generally 10-20 times your annual salary. This sum can help you loved ones maintain their standard of living and achieve their dreams even in the absence of your regular income.  
   

• Critical Illness Cover: The primary purpose of life insurance is to protect your family when they can no longer depend on your income. Critical illnesses can often be extremely debilitating and stressful, and such illnesses can even prevent you from working regularly. This can lead to a loss of income that will significantly affect your family’s living standards. Life insurance plans that offer critical illness cover ensure that your family remains protected even when you are incapable of work due to a critical illness. Moreover, the sum you receive can also help you pay for your medical expenses.  
   

• Coverage Against Accidental Disabilities: A severe accident can cause long-term (or even permanent) injuries that render you incapable of work. Some injuries may be so drastic that they can completely change your lifestyle forever. This is why most life insurance plans also offer optional coverage for disabilities caused by accidents. This benefit will help you maintain financial stability, especially during your recovery period.   

These crucial benefits ensure your family’s financial stability no matter what happens to you! Don’t let a single day affect your family’s future. Secure yourself today to ensure a bright tomorrow for your loved ones, even in your absence. 

Conclusion 

Life can be extremely unpredictable, but we could plan and prepare for every scenario. Planning for future uncertainty is now easier than ever before than to the prevalence of insurance. So, don’t let yourself be led by uncertainty, stay vigilant by simply staying insured!  

“Uncertainty is the only certainty there is, and knowing how to live with insecurity is the only security.” – John Allen Paulos