Are You Insured ?

By | 21:53 3 comments

And I’m not referring to travel insurance !

I really must be growing up … I realized last night whilst talking to my mate DM that I have actually been responsible enough to have purchased my own Life Insurance! I know my parents have always had one for me .. but something clicked in me about 2 years ago when I moved down to India and I took the advice of a financial advisor visiting my office and went ahead and asked for more information on the various insurance plans available out there in the market.

One of my uncles who is based in Australia had come over for lunch today, and was telling me about how he was comparing Life Insurance Quotes from Oz and in India; and that he’d come across a company in Oz that offered a pretty good coverage for Funeral Insurance ! He mentioned that typically a funeral can cost anywhere between $5000 to $10,000 !

are you insured I have never thought about getting funeral insurance … I mean I’m young, healthy, and the thought of putting money aside for when I gone from this world … well it’s kind of scary actually ! One of my best mates Kimo was telling me whilst I was in Dubai about how his father has purchased burial plots in Egypt so that the whole family can be buried in the same place instead of being spaced apart. 

I suppose our generation is different to our parents generations.  My parents have made sure that they have hooked us all up with education and life insurance policies whilst growing up.  I know for a fact that my mom has made property investments for my siblings and myself so that we won’t face difficulties in the future.  And my mom has never worked a day in her life.

Here I am with just over 8 years of work experience and I am only now coming to realize the need to start protecting not only myself but also my future family, my future kids.  Education doesn’t come cheap these days and I’d like for my children to be able to have a well rounded education including university at an overseas location like I did.

Have you got any sort of life or funeral insurance policies ? Are you considering getting one if you don’t have one already?

I suppose the question I should be asking is ‘would your death leave anyone in financial difficulty?’ … if the answer is yes (and it could be your spouse, partner, family, siblings, even children) .. then I suppose its time to look into getting some Life Insurance !

What are your thoughts on this ?

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Sumit said...

No, I'm not insured yet, but I do plan to buy insurance as soon as I join my new job in June. I think what you say makes sense.

Vinita Apte said...

I do have life insurance but nothing for the funeral...
Multiple policies is what I would recommend...

Dazediva said...

@ Sumit .. a basic insurance plan is always a good thing; I believe I'm on a term plan where I pay a fixed amount each month for a lock in of 3 years and then I can cash out whenever I need to as well

@ Lazy Pineapple .. me too, nothing for the funeral; although with Indians its cremation (the thought scares me) .. but still something worth investing in right