Life insurance is a “waste of money.” “Why should I pay for something I won’t be able to enjoy?” “I’ll buy it later when I’m old and much closer to the end.”

If you have heard or can relate to any of these sentences above, congrats, you stand with the majority of 54%! The same 54% of people worldwide that do not have life insurance.

The problem is, experts stand by the counter argument, and by the end of this article, we shall help you decide if you wanna move the majority to the other side.

Let’s go!

1.) Majority says - “I have a great value of family assets, I don’t need life insurance.” - Majority

Experts say - Family assets like family business are great to begin with. The only problem is, like many other unpredictable forces in life, you cannot decide till when that business might flourish.

To protect your family from unwanted loss of standard of living and managing expenses, especially if you are the sole earner of the family or only have one source of income, life insurance is undeniably important.

2.) Majority says - “I have comprehensive health insurance, why should I spare another expense?”

Experts say - Having comprehensive health insurance does sort most of your health-related expenses while you’re still alive. However, the moment you are gone, health insurance will be null and void.

For anyone who wants to protect the future of their family even after they are gone, health insurance cannot be labelled as a replacement for a good life insurance plan.

3.) Majority says - “I’ll buy it later when I’m older, why should I start paying for its premiums this early unnecessarily?”

Experts say - The scariest thing is, people seem so confident about the fact that they’ll outlive a certain age. But on the other hand, 1 out of 4 claims settled are early claims (within 3 years of the policy bought).

Even if you are leading a generally healthy life, accidents and unprecedented situations can still happen anytime. Which is why having an emergency fund in the name of life insurance lets you set aside a good amount and gradually add to it exponentially.

Do note that life insurance premiums are very high for people older in age and can also be completely denied if you have passed a certain age.

So, starting early seems to be the only sensible option!

4.) Majority say - “ There are so many options, no idea which provider or plan to choose, which one is reliable.”

Experts say - The first step should be finding a reliable provider that has a good claim settlement ratio and a reputable name in the market. For plans, you can tailor them according to your individual needs, salary, family’s living situation, children’s education plans, etc.

If you find all of it overwhelming, try a platform where you can compare various brands and their plans side by side. You can also try talking to an expert who can guide you better.

One such platform to do so is Policybazaar.ae. Try their free expert advice today!

Policybazaar UAE – Helping you navigate the wilderness of the insurance world!

Written by - Tashika Chopra