For most people, getting insurance is still the last thing to get on their financial sheets. When it comes to distributing the wealth or income across various instruments, coverage takes a backseat. Though getting life insurance is one of the most crucial contributors to a secure future and good financial health most people toss it away for various reasons. Let's take a look at these reasons that become a barrier between you and your insured future.

I am too young

Assuming that you must only get insurance when you are old or when you start developing age-related medical conditions is the biggest mistake one can commit. You should be insured at every stage of your life; after all, insurance is meant for unforeseen events. Apart from this, getting insurance when you are young is way cheaper than when you are older. Insurance companies will offer you higher coverage at lower premiums.

It’s a dormant instrument

One of the reasons why people don’t want to get insurance is because they think it is better to invest their hard-earned money in other investment avenues that would yield quick returns.  However, they overlook some of the benefits of getting insurance such as tax exemption and assured returns that accelerate the journey towards financial goals in the long run.

I have no financial obligations

Most people think that insurance is only for the ones who have dependents. However, with endowment and money back insurance plans, you can use life insurance as a way to secure yourself after retirement. Hence, insurance not only helps to support your dependents but also makes you financially independent when you step out of the workforce.

I am healthy, and I have no medical expenses

Don't avoid getting insurance because you don't have to shell out big bucks for healthcare now and then. Healthcare costs in India have jumped up tremendously in the last decade making even a regular check-up incredibly heavy on the pocket.  If you don't want your savings to get drained for unpredictable medical expenses, getting life insurance along with riders is your best option.

My employer has me covered

Insurance provided by employers usually has less coverage and the policy lapses once you quit the job. Hence, it is important to get life insurance apart from the one provided by your employer.
Don't let these five reasons come in the way of enjoying a happy and secure future.

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The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.

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