Life is unpredictable. While we can’t control fate, we can prepare for it. Two vital insurance policies—term life insurance and health insurance—can protect families from financial distress during tough times.
Yet, many families overlook their importance, often with devastating consequences.
Unforeseen loss of a husband
Imagine a family losing their primary breadwinner suddenly. Without term insurance, the wife is left to manage the financial burden alone. For her, no amount of money can replace her husband, but financial security helps sustain the family during the initial shock and grief. Term insurance ensures that the family can maintain their lifestyle, cover children’s education, and pay for daily expenses for at least 1-2 years after the loss.
Many families mistakenly believe they can rely on savings or inheritance. However, selling assets or property during emotional distress is challenging, and liquidity is essential.
A widow must often play the role of both parents, facing unfamiliar financial decisions. This scenario isn’t limited to lower-income groups—affluent families also suffer due to debts, taxes, and the need to liquidate assets. A simple, affordable term plan could prevent these hardships.
Women’s health neglected
A mother is often the backbone of a family, yet her health is frequently neglected. Women juggle multiple responsibilities, ignoring symptoms or delaying checkups, thinking family comes first. But her health is the foundation of the family’s well-being. From childbirth to menopause, women face unique health challenges. Ignoring them can lead to severe illnesses, disrupting the entire household.
Health insurance tailored for women, with regular check-ups and wellness programmes, ensures proactive care. Heart, liver, kidney, and mental health issues often arise unexpectedly. Early detection through preventive health insurance saves lives and money. In many cases, a mother’s illness causes greater overall disruption than the father’s absence, affecting the emotional and mental stability of the family.
Brother’s painful lesson
A man lost his elder brother unexpectedly—just 100 meters from his home. His brother collapsed on the road, but no one stepped forward for immediate medical help. By the time he was taken for treatment, it was too late. The family was left shattered—his wife and two grown-up daughters had no financial backup.
Watching his sister-in-law struggle with expenses, the younger brother realized the importance of term life insurance. He wasted no time in securing his own policy and has since been actively advising others to do the same. He now strongly believes, “You never truly understand the importance of term insurance until you suffer a loss in your own family.”
A responsible step towards protection
Term life and health insurance are not luxury expenses but essential responsibilities. Regardless of income level, every family must prioritize insurance. Waiting for government assistance or relying on public healthcare is unreliable. Protecting your family is a personal duty.
Act now—secure your future and your loved ones’ well-being through adequate insurance coverage.
(The writer is the Founder of ‘Investment Options’, an insurance and investment consultancy based in Goa since 2013, having pan-India clientele)
