What is Insurance?
Insurance is not a mantelpiece of impulsive purchase. It's not like buying a piece of furniture or clothes or groceries which are necessities but can be impulsive. When you buy insurance, you're “Buying a Promise”. The purpose of insurance is to reduce yourself, your family and businesses exposure to the effects of specific risks.
It is a contract of reinstatement of lifestyle or ensuring required financial support in case a family member expires. Two different people may or may not have the same requirement, hence, insurance purchase requires to be, understanding and buying covering and securing one’s own interests.
Risk of an Eventuality is the biggest challenge faced by one and all today. Insurance is not about the fear... it is about Peace of Mind in times of challenges. Insurance planning gives one the promise of being reinstated without stress on savings or depending on friends at such times. Insurance is an intangible product which is a necessity in today’s times.