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Life Insurance

Insurance is a cover used for protecting oneself from the risk of a financial loss. It is important to understand that risk is a part of any person’s life and that it increases as a person increases in age, responsibility and wealth. Insurance is risk coverage against financial losses and should not be taken as an investment instrument.

Risk of Dying too Early

  • Each individual has got a certain financial value attached to his life in the form of his earning potential.
  • If he dies at a young age or during the time when he had an earning potential his family suffers a financial loss in the form of loss of his potential earnings.
  • A lot of his obligations towards the family remain unfulfilled due to his sudden demise.
  • This is called the Risk of Dying too early and it can be protected against By taking Llife Insurance coverage.

Risk of Living too long

  • Every individual plans his life & his sources of income to the best of his ability taking into account his life expectancy.
  • Sometimes, despite the best of planning the individual is not able to provide for contingencies such as serious / chronic / prolonged illness for himself or his spouse which results in all the planning going haywire.
  • If a person survives beyond his expected age his planned sources of income could diminish or become inadequate due to a variety of reasons.
  • This could result in his not having money at the time when he needs it most and is not in a position to go and earn the same.
  • We call this the risk of living too long and protect against the same by taking whole life insurance policies where withdrawals are possible as & when required or by taking Pension policies or annuities.