The need of insurance is something that is felt when real-life situations start going awry, or tragedy strikes any household, unfortunately. Why should you bank on the predictability of life and leave your family’s financial future unguarded? The impact of not having insurance is certainly not good by all means. Here’s looking at the same a little more closely in this article.
Why Not Having Insurance Has Severe Repercussions
Consider a real-life story (names changed) – Arun was a salaried professional, all of 42, with two kids and a wife who was a homemaker. He had a steady income and had managed to build up some modest savings. Yet, with the high cost of living in Mumbai, where he worked, this was not as handsome as could be.
Suddenly, tragedy struck the family when Arun passed away due to a sudden heart attack. His wife and children dipped into the meager savings that the family had, and this ran out in just a year. Thereafter, they had to appeal to relatives, many of whom did not respond. Eventually, Sarita, his wife, was forced to work as a cook at a local eatery to make ends meet while her children could barely finish school. They also had to take up menial jobs after finishing Class XII. And yet, imagine how the family was living a comfortable life till then, with their children aspiring to be fashion designers and engineers, while Arun was a successful corporate professional with a fancy car and a nice flat to boot.
Now, the family was also forced to sell off their flat since they could not pay the home loan EMIs. After the sale, they did not have a lot in hand, and some also went into repaying Arun’s personal loan and credit card debts. The car naturally had to be sold, and the remaining loan was repaid accordingly. Today, the family scrapes by, having given up on its dreams of a better education and lifestyle. The members work hard and survive somehow, while the grief of losing their father still hangs over their heads even after so many years.
What Did You Learn from the Story?
The need of insurance cannot be disputed- that should be your biggest take away from the real-life incident narrated above. Do you want to be in Arun’s shoes? Certainly not, right?
Here’s what not having insurance looks like:
- No financial security for your family in the event of your unfortunate demise
- Severe financial crisis with unpaid loans and debts and lack of money to cover household costs and meet future goals like higher education
- Compromises with the standards of living and having to sell assets to survive
- Loss of financial independence and dignity of the family. Some households may also have to depend on the kindness of others to get by.
- Pressure on the spouse and children to earn money as fast as possible
At the same time, not only do you risk your family’s financial future, but you also lose out on peace of mind in your lifetime. Won’t it be better knowing that your family is financially secure even when you are not around? Without further delays, purchase insurance today and put an end to this dilemma.
