Do you require Life Insurance?

Do you require Life Insurance?

Generally people ask, what happens to my family if I am not there?
But they are lazy about taking life cover, as they feel they are healthy.

Below are the situations when you don’t require Life cover –

1. If you both are earning & having no kids, absence of a partner is painful but economically if you can sustain, there is no need for a Life cover.

2. If you have enough wealth (financial assets) to sustain for the rest of life and fulfill investment goals, there is no need for Life cover.

And when do you required Life cover ?
1.If someone depends on you economically, you require Life cover.

2.If any of the spouses delayed her/ his career to support the family, kids, parents and if there is not enough earning source. You require life insurance.

3. If you have kids & old parents and all your financial goals linked to them are yet to be fulfilled, you are relying on both incomes to support those goals, that would clearly be an economic loss in case of any mishap.
So you need life insurance to close the gap between your plan & reality.

Life cover is not about who is more worthy in a couple. Everybody has a special place, either emotional or economical or both.

We can’t fill in the emotional space, but the economical space, we can.

Kavita S Devi, CFP CM
Symphonia Co-founder