01 February, 2021

Dear Homeowner, here’s why you need life insurance

- Pallavi Shastry

Do you own a home? Congratulations! It couldn’t have been easy, coming up with the financing, finding the perfect house in the right neighborhood, moving and settling in, and so much more. I completely understand how many hoops of fire you must’ve gone through to be able to buy a home – a safe haven – for you and your family. But you’ll agree - and would-be home buyers take note - homeownership is THE most rewarding thing we do in our lifetime. Of course, you must have home insurance too. It’s a given, isn’t it? You did all of this to keep your family safe, to protect them on a rainy day (quite literally!), and to secure your future.

Speaking of securing your future, what about life insurance? A recent survey says 89% believe that the primary wage earner needs life insurance but most people don’t get it because of the complexities of applying and getting approved for life insurance. According to Deloitte’s survey in 2015, you’re more likely to buy life insurance with a reliable income and when certain important life events have taken shape like marriage, children, buying a home. That’s what we’re focusing on – homeowners. Now, if you’re a homeowner already, then it’s safe to say you have a fairly stable and reliable income source. There’s almost no reason why you shouldn’t be on your way to get life insurance!

Before you look away with an eye roll and be a part of a disappointing statistic, let’s talk about why you should be getting life insurance when you already have home insurance.

1. It’s just easy!

When you have home insurance, getting life insurance is easy. The process isn’t tedious or complicated at all. In fact, you’ll be surprised how easy and quick it is. It’s just a matter of getting online and on to the right provider. Like I said earlier about food being delivered to your doorstep with a few clicks, it’s not that far-fetched to get life insurance the same way. No one to sell you anything, no going back and forth, no high premium, and no nonsense.

2. Two lesser things to worry about

When you’ve been through getting a house and home insurance, why should life insurance be left behind? Just give me a second here – think of the peace you’d have, knowing that your home, as well as your family, is taken care of. We’ve got a lot going on, considering the circumstances the last year has thrown us in. And we need security now more than ever. Why stay behind?

3. Benefit of being young

I’m not talking about high metabolism here. When you have youth on your side – 20s & 30s to be specific – you can get life insurance at a relatively lower premium and it gets better. You can lock it at that price till you’re well into your 60s in some cases. This is definitely one of those things you might look back at and regret not having done it. As I said, it’s easy to get it done without the hassle of a long process.

4. Advantages of having a family

Your hopes and dreams are on a high when you enter marriage. Your first home takes you on a new high. A kid comes along and completes the picture you’ve been drawing for years. How could you not want to protect this picture with everything you’ve got? Well, it won’t take everything you’ve got. Just a smidgen…of your grocery bill, maybe. Being married with kids and a house makes it easier to get life insurance. In fact, you’re the ideal candidate.

5. Pandemic and all the likes

The word pandemic has seeped into our lives like our everyday coffee. 2020 was a year no one could’ve predicted. Not even in their nightmares. Like me, aren’t you nervous about tomorrow? If something like Covid-19 happened to us when we’re on an all-time high with technological advancement as a nation, who knows what another year in the near future might bring? The only saving grace is life insurance. It helped anyone who was unfortunate and it can help you and your family too.

We think we’re invincible – especially when we’re young. Only when something serious affects our lives do we think about what we should’ve done to secure our family. Don’t wait. It’s never worth it. Life is precious. Life insurance, priceless.