My First Life Insurance Policy! Anxious, Curious, Puzzled

Overview:

Got my first job, and I was all excited for a new chapter in my life. It gave me financial stability, independence, and a satisfaction that I shall now be able to take care of my family. With a stable income and a great job, I always thought that now I am all set, until the time when my colleagues were talking about investments, life insurance policy, bonds, fixed deposits, etc.

Well, I did understand about investing in bonds, and fixed deposits, but life insurance at 27?  A jaw-dropping question indeed!!

This question is posed a number of times when people are asked about life insurance coverage. It is certainly a misnomer that life insurance is the ultimate protection against the demise of the bread earner of the family. With a little research, I understood that “Life Insurance is not for the death, but for the living of your dependents.”

Life insurance; in fact, is needed to enjoy your hard work spinning since past three to four decades. It is basically a compulsory saving which people otherwise might fail to do especially in their early days. Apart from all this, the term “Life Insurance” goes hand-in-hand with the term “Dependents.” This ignited the fact that my parents had to waive their “Today” in order to give me a better “Tomorrow.”

The very thought about the safety of my family forced me to research more about insurance policies. After talking to a few experts in the field, I understood that it is better to apply for a policy at an early stage because it will offer you more coverage, less premium and better benefits. As one grows older, risk coverage becomes thinner, premiums tend to become costlier and medical scrutiny is considered as a compulsion before the insurance company offers protection.

Today, we are fortunate that we are in an era where all services are just a click away. Unlike before, where people had to get in touch with the insurance agents, learn about the policies and then opt for the best one. On the contrary, there are a number of websites that offer complete details about the policies, tenure, premium on the same, etc. All this information will help you take an informed decision.

It is crucial to compare insurance quotes before opting for a policy. When insurance quotes are compared, you can rest assured that you are saving both money and time.

Understand the fact that if you allow your money to run for a longer period, it will indeed offer more profit with fewer risks. I thought that the best gift that I can give myself and my family after my first job is a sufficient insurance cover.

Get thoughtful, and save for a better future!!

Updated: January 17, 2017 — 6:09 pm

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