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Luxuries of Life vs Life Insurance

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  • Life Insurance offers not one but three value propositions – protection, investment and wealth creation
  • Life insurance requirement has to be continually assessed through the stages of lifecycle

What do you think your life insurance requirement is? And how sure are you that you are sufficiently covered with life insurance? These are a couple of questions that would put even the prudent and the savvy into considerable unease. We all are familiar with life insurance, and yet, we are so far away from a complete understanding about life insurance.

There is lack of comprehensive awareness of the need for life insurance because we have not come to the grips of why life insurance plays such a critical role in our lives. While we are all pretty sure of what we need in terms of comforts and luxuries of life, we have somehow, in our haste to get on and get ahead with life, failed to know as much about life insurance as we should ideally be knowing.

The Macroeconomic Picture: The question about your life insurance requirement is not an easy one to respond to, precisely because your life is not static. When you try to assess the need for life insurance, you are dealing with a moving objective.

That is the peculiar aspect about life insurance – it is dynamic, constantly changing, and has to be continually assessed and reassessed to come up with the exact life insurance requirement. With changing lifestyles, a global economy and volatile financial markets, rising Inflation and with social changes like the shift to nuclear families, the reasons why life insurance has to be taken seriously have only increased.

The Microcosm – Up Close: If that’s change for you from a macroeconomic perspective, you would get a different perspective about life insurance as you get closer to the real perspective. While you may have your own financial goals and long Term objectives, your financial goals should not be random but should be true reflections of the stage of life that you are in, and the milestones that mark your present and future.

A new house, for instance, or a marriage, your child’s education or a change in career are just some of the aspects that could realign your priorities. Life insurance requirement is about wealth creation, gearing up for personal and professional milestones, planning for contingencies, and accounting for that inevitable protection.

The Threesome about life insurance: As you can see from both the macroeconomic developments and the changes to personal financial aspirations and in line with the different circumstances at various stages of life, it is as much about protection as it is about life insurance in terms of wealth creation.

The need for life insurance, as against a regular investment avenue, is a reflection of multiple goals in your life, which are both financial as well as about your ability to meet contingencies. And that’s why life insurance is an instrument that deserves a special approach.

When you form your opinion about life insurance, you need to see why life insurance could make a difference from all three perspectives, even as you assess your life insurance requirement using a calculated approach rather than just a casual figure off the cuff. While the luxuries of life may seem attractive and glamorous, they may not mean much without the necessities of life insurance.

When you question why life insurance may not give returns that are at par with some of the other investment options, you need to realize that standard investments are not about three distinct aspects, as it is about life insurance. And you could opt for the luxuries only when you have assessed your life insurance requirement and have created a corpus for protection as well as for your milestones.