What I learnt from insurance about “Life”

I’ve been into this career for almost 20 years, I’ve sailed through different kinds of insurance coverages, products, lines of business, claims, members stories and different eras of risk evaluation and mitigations starting from the time of paper applications :)

As an industry, our business is all about taking risk; a calculated one though. Not every risk is insurable and not every insurer is capable of the same risk appetite. 

When we understand how our industry works, and especially when we are tackling that side of the insurance which surrounds people's lives i.e. life insurance or medical insurance, we deal with people and not their belongings. We are not talking about their home, car or personal items, we are talking about their heath, the health of their beloved ones and the life of the most important people in their lives... that could be their only anchor stabilizing their whole life… 

When someone gets asked, what is the worth of your life, usually this is a provocative topic/question and almost always people with this question get defensive, how can anyone evaluate the value of any person worth, no one ever could quantify the value of anyone’s life or soul and no one would like to imagine a worst case scenario happening to their lives which could turn it upside down. They would like always to think of happy retirement ending after long years of hard work.

When we insure someone’s life it’s very important for that person to understand that insurers are trying to simulate / maintain their current income/lifestyle with the kind of experience/ work that they are enjoying being the breadwinners for their families. Usually life insurance plans are long term commitment that should either anticipate increase in income and or increase in inflation to keep the value of the amount proportionale to that long-term duration. 

With these current scenarios that in the world we live in, I think everyone is more open to discuss a bit less fortunate events, I get asked very frequently lately about the best type of life insurance they should buy, everyone around is taking insurance a bit more serious and trying to explore more options for the betterment of their families.

Insurance is not at all confined to unfortunate events. We have been fortunate enough to pay for Kids yearly Education fees when they reach university age, we helped an elderly with a monthly retirement income, we assisted a skilled worker with a multi saving plan and different pay out options, we created a solid investments plan with rewarding dividends that helped generations to achieve their dreams by planning them early enough... 

Life insurance benefits go beyond death, their living benefits surpass death benefits, we just need to plan it right and give it enough time to help us create a financial asset and a worthy long-term outcome. It will be always well worth...