UNPLANNED FAMILIES PREFER TO BEGGING BEFORE RELATIVES AND FRIENDS RATHER THAN FINANCIAL PLANNING

One will be surprised to know that in USA and Europe more than 90% families are life assurance covered not under compulsion but due to awareness about its importance and need to a family, while only less than 10% families are life assured in Pakistan as a result if the bread earner / head of family effected by DISEASE (cancer, heart attack, severe diabetes etc), DISABILITY (accident by air, road etc) or DEATH (untimely) then there used to be a big financial blast in the happy family and his / her family come on road and face financial death every day as nobody even relatives and friends support them financially in a way it should be ---- irregular Zakat and charity is not permanent solution to this financial problem in Pakistan environment.

Majority of the Pakistani families don’t want to do financial savings and planning which include family financial protection by life assurance / Takaful coverage. To avoid this wise move of savings and planning, they used to say that they believe on Allah Tawakkal. In fact it is not like that, actually they have back of their mind that if something bad happen to their family and need huge money, then their uncles, brothers, sisters, and friends should contribute money and will solve their financial problem. They prefer begging before relatives and friends rather than planning their financial needs wisely. We need to break this begging bowls of our Pakistani families and educate them to live with joy and respect.

Most of the educated illiterate Pakistani people feel shame or avoid when talking about life assurance / Takaful and give least / no importance to it as they are living in dark and danger financial zone and if something goes wrong in their family then they start blaming / cursing Allah. One of my B.Com nephew , outcome of new generation, said CA Uncle give your time on Pakistan development rather than on Life assurance / Takaful. I told him that "IF" you will read my awareness creation articles on life assurance / Takaful, you will see I am doing that, as Pakistan remain 100 years backward due to lack of proper education, health, savings and planning so living like donkey. As per Quran, "If one read without understanding and implementation then his / her example is like donkey carrying books on its back". In my own family there are lot of instances where my cousin taken money from relatives and avoid to return when they have money and died without payment, which is a big sin; bad happened in many unplanned families and relatives putting money on their begging bowl etc but my relatives have no realization , still willing to live in dark and not interested to plan themselves to live with joy and respect.

So, there is a dire need to create awareness about the importance and need of life assurance / Takaful among the Pakistani families to make them live with the same standard and with respect even if something bad happen to them as other nations do. My vision and mission is to convert less than 10% life assured families to more than 90% life assured / Takaful covered families. 

For any clarification or query, welcome to contact Syed Imtiaz Abbas Hussain, Chartered Accountant, Karachi, Pakistan. Cell 0300 3572479.