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It is an awkward question to ask to a policyholder, but it is a question worth asking nevertheless – are you really covered by life insurance? As one would expect, the obvious answer would be a frown, and perhaps a puzzled expression at the very origins of such a supposedly absurd question; after all, how would one not be covered by insurance after one has purchased Policy with all the noble intents and purposes?
However, the reality on the ground may well be otherwise – you may not be covered by the insurance even after you have purchased life policy. For one, a majority of people in India are not covered at all, which creates so much scope for growth in the industry. Further, not everyone does the research that is required to go into the purchase of insurance, especially given the fact that many view it as an accessory that cannot be done without.
As a result, even those who have purchased an insurance policy often go without being covered for what they may really be worth.
How much life insurance is good enough to cover for your needs? The answer to the question really depends on the personal circumstances of the insured. And it is lack of knowledge of an answer to the question that leaves people not sufficiently covered, despite their having purchased insurance policy.
Your personal circumstances: As an individual, you would have to look into your stage in life, the kind of career that you have pursued, the scope for growth and the risks associated with our profession, the lifestyle and ambition of your family, your spouse’s career and earnings potential, and your kids, before you can get to answering this tough question. There may be a whole lot of other factors involved, as in the case of your current assets and liabilities, financial backing, and your Dependants as well as their medical conditions and history.
Life insurance and its features: Unless you have come to a conclusion after careful consideration of all these and a host of other factors, you could possibly never be sure if you are really covered by life insurance. And we have not even started talking about the clauses and complexities of your insurance policy, its fine print, kinds of insurance available, and the whole range of Riders as well as other investment options that would go with your policy.
It takes fine judgement, solid research, and reliable guidance to be able to take the right decision in something that is at the core of your financial stability and the safety of your family’s future. There can be no better tool than knowledge, and it always helps to get as much information as you can before you make one of the most important decisions of your life.