Do We Really Need Insurance?

  •   Mon, Jun 23 2025
  •   By Roshan D'Souza

“Life is unpredictable and we are unknown of what happens next with our life”

The word insurance is very familiar in our society. It can be a life insurance or health insurance. Most of the times insurance is ignored. However we must know why insurance is important and what might happen if there is no insurance. 

“The biggest financial decision you will ever make is the right insurance you choose”.

If we visit any of the country, insurance is mandatory. Without insurance, no visa or any other documents can be issued. Also the Insurance Planners or Life Planners hold a big and respectful position there. Then why its ignored in our country. Its only 12% of the population are having the insurance. Rest 88% need to be aware on the importance of insurance and its everyone's responsibility.   

“Do the works others aren’t willing to do and you’ll get the things others will never have”.

 As soon as we buy any vehicle, insurance becomes mandatory. Our life is much more worth than a vehicle. Hence we must think on the insurance on our life. Today we might be earning good enough and everything is going well. Incase if the things goes wrong, insurance is the big asset, which we have made to our family when there would be no one to assist them. 

“No one is coming to save you. You are the hero of your story or the victim- Choose”

How to overcome ‘I don’t need insurance’. Nobody expects bad things to happen. That’s why we exactly wear a seat belt. We don’t wear it because we expect to crash. We wear it just incase………… Insurance is our financial seat belt.  We may feel we never need it. But we will be so glad if something ever happens. 

“It is cheaper to buy ten years early than one minute too late”.

Insurance is not an investment. It is not buying or selling the insurance. It is a product turns into a habit of responsibility. What happens to your family when you are not there anymore. If there is no insurance or no any other financial source, our family has to consolidate the assets or business and findout the right way to maintain the things. Why don’t we make sure that they no need to worry about cash. 

“Risk your money for freedom, rather than risk your freedom for money”.

The most important thing in our life is not assets. Its cash flow. You have the income that your family depend on. Nobody depend on the assets. Everybody depends on cash which is liquid income. Everybody make sure liquid income is coming even though we will not be there to continue the same style that we currently living. When we replace our income, we build our assets. This is what is the purpose of insurance where the income never stops.   

We have a wrong thinking that insurance can be claimed only after the death. Its only a part of the insurance. As soon as the insurance term completes, the returns starts to coming to us. In COVID we have learnt a big lesson that inorder to bear the huge medical bills, insurance is very important. Insurance will give us the below advantages.

1) Protection for health and death

2) Returns as per the policy terms

3) Flexibility

4) Liquidity

5) Tax benefit-returns are tax free. 

6) Financial freedom after retirement 

“Take your financial life seriously. Money isn't everything, but everything needs money”.

In one of the events, a family member who was the only earner died and the gathered people were discussing about the insurance. Unfortunately that person didn’t made the insurance and family was too shocked how to maintain the financial needs of their children. Instead of telling the insurance after death, why can’t we aware the people when they are alive. Just think about it.  

“Consistency is like compound interest, small efforts done daily lead to big returns”.

By advising others or creating awareness on insurance is a blessings. We may think what that person think of us. But its not necessary for us. Thus everybody make a insurance and encourage others as well to make an insurance. If we don’t speak today, somebody else will speak. 

Finally by Gods grace these days most of the people are economically well. When we do the savings plans and other investments, let us have proper future saving plan and today itself make a insurance saving plan as well. Also its Government mission to insurance for all by 2047 and let us put a mission to aware the people of the importance of insurance.
By Roshan D'Souza
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