Table of Contents
Introduction
Buy Insurance When It Is Not Required: We buy many things every day. Some things are our daily necessities, like milk, vegetables, or groceries. Other items we buy simply to satisfy a hobby or desire, which might later end up gathering dust in a corner of the house. When purchasing all these things, our mind works in one specific way: “When the need arises, we will pay the money and buy it.”
However, when it comes to your family’s safety, your health, and your old age, this rule reverses completely. You must always buy insurance when it seems like you don’t need it at all. Why? Because the exact moment you need it the most, no insurance company in the world will grant you a policy.
Insurance is not something you can buy with money alone. Purchasing insurance requires your good health and the right age even more than your wealth.
3 Major Life Examples
Buy Insurance When It Is Not Required: Let’s understand this concept through three simple examples from everyday life:
- A Bike Helmet: Nobody wears a helmet because they expect to have an accident today. We wear a helmet when our head is completely safe and sound. God forbid, if an accident occurs on the road and you aren’t wearing a helmet, will you get a chance to buy one after the accident? Absolutely not.
- A Fire Extinguisher: We purchase and install it in our home or office when everything is perfectly safe and cool. If a fire breaks out, will any shopkeeper sell you a cylinder at that exact moment? Will you even have the time to go to the market? Fire is an excellent servant as long as it is contained, but when it goes out of control, it turns everything to ash.
- An Umbrella: We buy an umbrella well before it starts raining. During the monsoon, whether it is sunny or cloudy, we keep an umbrella with us so we can shield ourselves from sudden downpours.
Insurance is exactly like these things. It is a shield of protection that you must prepare before the “rain” or the “mishap” arrives.
The 4 Big Mistakes People Make: Do You Think This Way Too?
Buy Insurance When It Is Not Required: People often procrastinate when it comes to getting insurance and make excuses that later cost them dearly. Check if you are making any of these mistakes:
Mistake 1: “I won’t live for very long.”
Buy Insurance When It Is Not Required: Believing this, many people avoid buying insurance or a pension plan. Life is entirely unpredictable, and mishaps can happen to anyone. If you leave this world prematurely, what will happen to your family? Who will take care of your outstanding loans, your children’s education, and the household expenses? Term insurance supports your family in your absence so that they don’t have to beg or ask anyone for financial help.
But there is another side to this coin—what if you live a very long life? The greatest misery in life is living a long life without money. If your life is long but your pocket is empty, old age becomes a heavy burden. Therefore, securing a fixed pension for old age is the foremost requirement for any wise individual.
Mistake 2: “I have a lot of money, why do I need insurance?”
Buy Insurance When It Is Not Required: Have you ever noticed whether insurance is taken out for an expensive, premium car (like a Mercedes) or for an old bicycle? Naturally, it is for the luxury car. Similarly, your life and your health are highly valuable. No matter how much money you have saved in your bank account, a single major illness or hospitalization can wipe out years of savings in a matter of days. Health insurance is a minor installment that protects you from massive, draining financial losses.
Mistake 3: “I don’t have money for the premium.”
Buy Insurance When It Is Not Required: If you feel that your budget is too tight to afford an insurance premium today, imagine how your family would manage if the primary breadwinner is suddenly no longer around. If paying a small monthly premium feels difficult now, managing major medical bills or handling daily household expenses without an income later will be next to impossible. Insurance is not an expense; it is a shield for your hard-earned money.
Mistake 4: “My children or relatives will take care of me in my old age.”
Buy Insurance When It Is Not Required: In today’s times, inflation is skyrocketing. Children face immense pressure managing their own families and their kids’ education. Expecting them to easily bear all your medical needs and living expenses is putting a heavy burden on their shoulders.
True love and responsibility mean strengthening your old age financially so you never have to depend on anyone. When a fixed pension lands in your bank account every month alongside a health insurance policy, your family stays happy, and your self-respect remains completely intact.
The Choice is Yours: Take Action While You Still Have the Opportunity
Buy Insurance When It Is Not Required: The most essential things in life—whether it is a term plan for your family, a health policy for illnesses, or a pension plan for old age—can only be obtained when you are healthy and earning. Once trouble knocks on the door, the market’s doors close forever. That is why you must buy insurance when it is not required.
Take the right decision today and secure your tomorrow.
Ram Niwas Bansal
“Building trust through discipline. As an IAF Veteran and certified Mutual Fund Distributor & Insurance Advisor, I help you secure your family’s future while you manage your property today.”
Disclaimer
Buy Insurance When It Is Not Required: his article is for informational purposes only. Insurance and investments are subject to terms and conditions. Before choosing any policy, you should sit down and consult with your financial advisor (Ram Niwas Bansal) to thoroughly understand all the rules and guidelines.
Frequently Asked Questions (FAQs)
Q1: Can I not get health insurance after falling sick?
A: If someone is already diagnosed with a major illness, insurance companies either reject the policy outright or charge an extremely high premium. Insurance is always granted before an illness strikes—meaning when you are in good health. That is why you must buy insurance when it is not required.
Q2: What is the difference between Mutual Funds and a Pension Plan?
A: Mutual funds are excellent for wealth creation and growing your money, but they do not guarantee a lifelong monthly income. A pension plan guarantees that a fixed amount will be credited to your bank account every single month for as long as you live.
Q3: What is the right age to buy Term Insurance?
A: The ideal age is between 20 and 35 years. At this age, the premium is highly affordable, and the premium locked in at the start remains the same throughout your life without increasing.
Q4: Is the health insurance provided by my employer not enough?
A: Absolutely not. Corporate health insurance is valid only as long as you are employed with that company. If you switch jobs, retire, or leave the job due to a critical illness, that coverage ends immediately. Therefore, having a personal health insurance policy is absolutely vital.