5 Plus Things To Know before asking WHY INSURANCE?

Why This Blog?

One of our goal is to help everyone within my reach to understand the importance of leading a good life even after a bad event hits you or when you stop earning. Even though long life is a dream in this polluted environment, you may end up living a long life. At least we can hope for that. However, some events around us prompt us to have a disability and long-term care insurance plans as part of our financial plan. 

Why? 

So that you’re able to better protect yourself and your family. We give you up-to-date information and personal accounts of how these types of insurance can change lives, along with current information, so that, your awareness will allow you put it all into perspective.

Why Insurance?

This is a general question everybody asks an insurance advisor.  Why this question? Isn't it obvious? Well, Reasons can be any. In this blog I will try to pass on my little knowledge on Insurance which helped me to find answers for the same question before I started investing in insurance during financial year 1991-92. Oh! I forgot to tell you that I started earning during Yr. 1991 when I got my first job. Is it not prudent thing to start investing the moment you start earning? 

Well, that's what my experience says!!

Facts of Life

I don't want to sound too negative. But, the fact is, we live in a world full of uncertainties. In the News Papers, TV, Internet ets., we hear various news about - trains colliding; floods destroying entire communities; earthquakes that bring grief; young people dying suddenly pre-maturely. Sounds familiar?

Why do these events make us anxious and afraid?

The reason could be the following:

• Reason one being, these events are unpredictable. So, prudence says, if we can anticipate and predict an event, we can prepare for it. Remember? If you fail to plan, you plan to fail!

• Reason two being, such unpredictable and untoward events often result in a serious economic loss and grief to you (if you survive with disabilities) or your family members or an organization that depend on you.

Under this premise, the idea of insurance took birth thousands of years ago. The idea is, a community could come to the aid of individuals who are affected by such events, by having a system of sharing and mutual support. 

So, when you invest in a insurance product, you must know that you are making that investment to save you as well as the community around you.

Isn't it noble enough cause?

Another argument I have heard is, "the insurance money comes after you die". 

Well, who's the benefactor in that case? 

Answer for me is very simple. 

The benefactor could be, Your Loved ones, Your employees, Your dream company so on. 

What If none of these are there? 

Then, under one possibility, your money is used to build the nation!!

WOW! I am very glad to be associated with this industry.

Hey, don't forget to write your will!

Credits: IRDA, Insurance Institute of India, All those who are involved in the Insurance Industry both in India and abroad.

About the Author:

Niranjana K.R. is a senior business management professional with over 27 years of experience in the Manufacturing, Software Engineering and Systems Engineering fields. His main area expertise is Total Quality Management. He has gained his knowledge on managing his investments through personal experiences. He is a certified Insurance Advisor catering to insurance needs of Individuals, and Companies. 

He can be contacted at: niranjanaramaswamy@niranjanaassuranceservices.in;