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Buying Life Insurance is an Act of Love

Updated on May 10, 2010

Just Buy It

Every time we spend money we cross a line of resistance which stops us from parting with our money.  Other than our daily needs, we often buy things because we emotionally cross the line of resistance.  It may be a car, a house, travel or a lipstick much of it makes us feel well emotionally.  Unfortunately, life insurance is something which even though both emotion and financial planning (most of it rational) is involved seldom bought. 

Life insurance is always sold and not bought.  The simple emotional reason is to protect our loved ones.  Experts call life insurance as instant asset or virtual estate which helps the dependants in the event of death of the breadwinner.  We brag a lot about our investments and how smart we are, but never discuss about our life insurances, what type of insurance we are having and how much.

Much of the products in the market is bought because of word of mouth recommendation in spite of heavy advertisement except for life insurance and this is why insurance companies still depend largely on life insurance advisors to sell their products.  There is no competition to this virtual asset; nothing else can protect your loved once that are not capable of taking charge of their lives.

In case of life insurance, most of us seldom cross the line of resistance and hence life insurance companies have come with savings and investment parts attached to the policies.  Now along with protection you get something back in case to outlive the term of the policy.  Though life insurance companies added this benefit to sell the insurance policies, we often see the life insurance as an additional benefit to the basic saving product.

This outlook leaves us often underinsured as most of the money we spend on life insurance goes to the savings part.  We need to come out of this type of thinking.  Know the importance of life insurance and give sufficient attention to it in our financial planning and become sufficiently insured.

There are many types of life insurance products available like term life insurance, whole life insurance, universal life insurance, joint life insurance etc.  We can choose the one which is best suited to our financial situation, age, number of dependants and ages of the dependants etc.  As I said earlier, we always resist parting with our money unless there is an emotional reason to cross the line.  Emotionally, you can cross the life once you can imagine the feeling of securing the future of your loved ones and primarily it is for this emotion we pay the premium because you cannot see your loved ones actually being protected by your act of love.

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    • Venkat profile imageAUTHOR

      Venkat 

      8 years ago

      Thanks for the comment sir.

    • Insurance Menthor profile image

      Insurance Menthor 

      8 years ago

      Thanks for your kind comments re: my Hub Site. This article of yours pretty much hits it on the head. People have to be sold, they usually don't buy life insurance.

      In our world society today, people seem to buy what they want for pleasure and not what they really need.

      Here is a fact from American history. In world war 2, when the american soldiers on Battan were told they were all going to probably die, they were all offered a chance to sign up and buy a $10,000 life insurance policy two days before they all died. The fact is that less than 10% signed up. Fact number 2, no one was there to help sell them on why?

      Have a great day...

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