Why Insurance is Mandatory?


To a family, a Person dying without insurance is the biggest disloyalty than a gambler losing all the money. – Prof Solomon S. Huebner (The father of Insurance education).

Among the vast majority of us in contemporary India there is no respect for the word “Insurance”, We feel it is something that’s irrelevant and that it is an expense and not a saving; we still have people for whom LIC is the synonym of Insurance and taking “a” Policy (in LIC) is just enough. We skip having insurance since insurance is beneficial only after the death of the insured but the reality is, there’s more to it, read along with me.

At some point in our lifetime, we come across a premature death of maybe a friend, relative, neighbor or a colleague, I would like to share my personal experience that happened a couple of months ago with you.

Sweat&Fit GymMr. Desigan

On the way from Koyembedu to Chinmaya Nagar there is this excellent gym named Sweat and Fit where I train, being a regular I befriended another regular Mr. Desigan. After gaining mutual respect and trust for each other, I, one day suggested a Term Insurance to him and the response from him was that he works for an MNC where his remuneration a month is close to Rs. 65,000/-, his was a lovely little family with a house Wife and a 12-year-old Daughter and he was content with living and spending happily with that money and with that implied that he has no intentions for savings through insurance.

As days went by my work schedule became such I was not able to dedicate time to gym for exactly a month. Afterwards I resumed my training and I met Mr. Desigan again and we started our workout alongside each other, after a few minutes of intense workout, he stopped in the middle of a workout abruptly; I could see that he is not at ease, I checked out what was happening to him, he was complaining that he is dizzy and could not explain the feeling. I immediately brought this to the attention of Mr. Sasi Kumar, Manager of the gym who gave him a cup of tea.

Even after 10 minutes Desigan felt the same and we asked him if he wants to go to a hospital and he replied that everything in front of him is blurry; we took him to Annai Hospital in Virugambakkam which is about 2 KM from gym with Sasi driving Desigan’s car and I was in back seat with Desigan; while on the way he began to lay on my shoulder and my feeling was that he must be very tired and I let him rest. We reached the hospital and Sasi opened the back door and asked for Desigan to come out, due to no response from him, We gently tapped him and found that he is unconscious and then rushed him inside the hospital within seconds a doctor was there to check on Desigan after checking his pulse we were informed that Desigan passed away about 10 minutes ago. It was a shock to the core for both of us. The doctor advised that we take him home without admitting him since the formalities would require them to do a post mortem; we did as advise; back in his home the situation was very grim, none of the best of funeral scenes from a movie or a serial can match how his death was received in his family.

I was so very moved it kept ringing in my memory and I realized that he was actually dying when leaned on my shoulder and it was the very first time someone’s last few moments were with me as I was never before with any of my relative’s or friend’s deathbed or last moments. The effect lasted longer than anything that has happened in my life and going to the gym was never the same again.

What brought me to tears was how his family is going to cope up the devastating loss of their bread-winner who also had a home loan of Rs. 20 Lakh and the question mark hanging over the future of his 12-year-old daughter. After a few weeks, I decided to pay a visit to his home what I say there was absolutely demoralizing, there are no words to describe their situation, they were struggling to make ends meet, their financial situation was very critical. I happened to see the same scenario in my Maternal Uncle’s family as well when he passed away at the young age of 38 nine years ago, with him being against Insurance as well my aunt is still suffering a lot with their 3 children. Financial situation and future of the kids of both the families are bleak.

There are multitudes like these three in our country. Those who advise and argue against insurance with friends and family members will all just mind their own business when tragedy strikes. When a person who is so against insurance falls ill and/or dies, his/her own family will go through immeasurable turbulent financial situations. It affects only their own family in the long term, all their dreams about future just become dreams.

It is never too late:

Now you decide what you want to leave to your family if something were to happen to you. It is never too late to take up a policy, take an insurance coverage that would make ends meet in terms of financial wealth even if the inevitable thing happens at a premature time unexpectedly. Decide on who you want to be – A person who has secured their family’s future financial needs. A country can be termed advanced or a developed nation only when all of its citizens have Insurance Protection. If you do not have an adequate insurance coverage, your treachery is not only affected your family; this is treason against our country too.

A job well began is a job half done, as I stated at the beginning of the article insurance is not an expense it is a saving but choosing the right option is very important and we have so many options to choose from; we will exploring what is best in the coming article. Keep looking forward to the next article.

Sathish Kumar