Life insurance means insuring some one`s earning capacity. It will not bring the person back to life, but definitely protect the family`s standard of life.
Imagine, Anil the eldest son living with his parents, and wife and son who is 6 years old, who works in a MNC earns well, with a good post in the company. And is due for promotion.
Imagine, Anil the eldest son living with his parents, and wife and son who is 6 years old, who works in a MNC earns well, with a good post in the company. And is due for promotion.
The family goes out for vacations atleast once every year, and stays in 3 star hotels, also, week ends they try new eating joints.
Anil`s wife is a home maker. Son studying. Parents have pension, though not a substantial amount.
Anil has some fixed deposits, some money in mutual funds, stock market, etc.
Also, roughly 2 lakhs of life insurance, which he had taken from a friend, just to keep " a good relation " with him, as the agent-friend had been pursuing since quite a long time.
All is well on on the surface.
One fine day, while Anil and Mukesh are coming back from work in his car, they have a mishap. And both die instantly.
Imagine, what happens to the family`s standard of life.
Anil doesnt have ADEQUATE life cover, his wife doesnt have a job, son still studying, parents old and not capable of working.
You can imagine, the difficulty which has to be faced by Anil`s family.
If Anil had taken ADEQUATE LIFE COVER, this money could have lasted his family for some more time. And given his wife, adequate time to, probably find a job, look after their son, etc.
Even though this may seem like an imaginary story to you, this happens in reality.
A person without ADEQUATE LIFE COVER puts his immediate family, dependents at a great risk, financially.
Also, there are lot of people who believe, nothing can happen to them, they are over optimistic, being optimistic is fine, but, you got to be realistic as well.
Take case of Mukesh, who also works in the same MNC, is at the same post as Anil, and, also has a son, wife and parents as dependents but has ADEQUATE LIFE INSURANCE - big difference !
Ofcourse, his family is sad about Mukesh`s death but because he had ADEQUATE LIFE INSURANCE, they are still better off than Anil`s family.
Bottom line :
Only life insurance is not enough, you must have ADEQUATE LIFE INSURANCE, this is for your family.
