Protection First; Investments Next

When compared to developed countries(foreign countries) Indians pay less attention to insurance products, some treat it as an investment product(return giving product on maturity)while some don’t realise the importance of insurance in their day to day life.

Even today almost 75-80% of Indians are not protected with life cover even after Covid-19 pandemic! Though it is strange to hear it is reality! The reason behind this is unpreparedness for uncertain events. Through covid situation some realised the importance of life insurance while some are still ignoring the importance of life insurance.

In today’s competitive world everyone are running for money, in this heavy pressure they are making their life more complicated! Yes Money is important! No doubt at it, but in the race of money earning putting your life in danger zone is worrying a lot!

In this rat race of money earning every one are focusing on “investments” rather than “insurance”. Yes investments are important to lead a better future, but at what stance of putting your “life at risk”!

Investments will make you financially free, but there is no meaning in letting your life at risk! If you don’t have health and life insurance and are hospitalised all your investments are wiped in few days/months.This is fact! You might notice the rising medical costs in the recent times. Even you went to an hospital with slight injury, you need to spend thousands of rupees, if it is an severe injury, it would have become lakhs, then all your hard-earned money is wiped out, there comes the “need of insurance”!

To avoid this situation, give preference to insurance(health and life insurance)rather than investments. If you spare some money for insurance “Premiums” you would be protected from unfortunate events.

If there is medical emergency, you need not bother on medical costs, all your medical expenses would be borne by the insurance provider.

If in any case by gods forbidden any death occurs, your dear and loved ones are ensured with financial security by the insurance provider. Though it is hard to digest the sudden demise of bread winner of the family atleast your family members are financially supported in the absence of the insured.

So give preference to insurance(both life and health insurances). Treat them as a first priority before thinking over investments. Only after ensuring that you are sufficiently insured, then only think over investments. Keep the slogan “Protection first, investments next” concept always in mind and protect you and your loved ones from unfortunate events

Published by bankinfor

I am a financial expert interested to create awareness on personal finance, insurance and investment products and it's pros and cons to a common man. My intention is to make public aware on savings and investments which should be a part of everyone's financial life. By browsing this site you can learn various investment products and it's risks(people mistaken this concept)associated with them

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