Life Is Uncertain So Insurance Needs To Be Compulsory :

Life is always very unpredictable, from the time of birth one thing is sure in every one's life and that is death and no one know when it will come. It may sound very negative or pessimistic but unfortunately that is the reality. So we need to be prepared to protect our dependants for that unfortunate event.

Today we earn and enjoy the gift of life with our near and dear ones but we need to plan for the scenario in case the earning stops for any reason, we need to have adequate cover to keep the earning flow no matter if we are alive or dead.

It can be very dangerous if one postpones buying an adequate Life / Health insurance cover. Being under-insured or un-insured is a cause of great financial risk.

Insurance Planning should the top most priority. One need to first protect ‘What one have‘. It can be Life, Health, Property, Vehicles etc., One need to plan for sufficient insurance coverage and buy right products to cover the risks associated with all these. 

Ø  The interest income from one's insurance cover along with savings should be more than or equal to his or her earnings. So one need to check and buy a life insurance cover based on your earning potential.

Ø  Buying a Term Insurance is the best and easiest option to get adequate life insurance cover.

Ø  One should have adequate life insurance cover for all financial liabilities (home loan, car etc.) & financial commitments and obligations apart from his or her current earning value.

Ø  One should not treat insurance as an expenditure or as an investment. It is your compulsory responsibility.

Ø  One need to buy Health insurance cover on his own as early as possible. One also needs to get his or her  family covered with a health insurance policy. The employer might provide Group Medical Insurance till retirement but one needs to think what will happen after that. Remember, it will be very difficult to get adequate health insurance cover as one grows older or during the retirement stage.

Ø  It is very important to have a comprehensive Personal Accident Cover. It is very essential to have ‘Permanent Disability Cover’ to ensure earnings in case of Total or Partial Disability of an earning member.

Ø  Other insurance covers like Home Insurance or Critical Illness Insurance are also important based on ones profile. For example – If you are a retired person and your only source of income is  income from house property only, it is very much essential to have the property covered with Home Insurance.

Remember we are mortal. If life is uncertain and death is certain, insurance needs to be compulsory.