"I don’t need insurance"

Life is full of ironies. Here’s one of the biggest:

• When we’re healthy, we think, “I don’t need insurance.”

• But when we’re unwell, insurance companies say, “Sorry, we can’t help you.”

It’s a harsh reality, but one worth reflecting on. Let’s break it down together with some eye-opening facts and figures.

The Financial Fallout of Medical Costs in India

Did you know that 62% of all personal bankruptcies in India are due to medical expenses? It’s a staggering statistic pointing to the urgent need for health insurance. Despite advances in medical care, the cost of treatment is rising rapidly:

• A single hospitalization in a private hospital can cost anywhere from ₹50,000 to ₹30,00,000.

• Over 80% of Indians still pay out of pocket for healthcare expenses.

• Without insurance, even a short illness can drain years of savings or force families into debt.

Health insurance isn’t just a policy; it’s a financial safety net. But unfortunately, many people skip it entirely. Why? Let’s explore some of the excuses.

Excuses People Give for Skipping Insurance

Here are the most common reasons people give for not opting for health or life insurance – and why they don’t hold up:

1. “I’m young and healthy; I don’t need it now.”
   Sure, you’re healthy today. But accidents and illnesses don’t wait for an invitation. By buying insurance when you’re young, you lock in lower premiums and ensure you’re covered for the unexpected.

2. “It’s too expensive.”
   What’s really expensive? Paying lakhs of rupees for a single medical emergency or leaving your family financially vulnerable in case of an untimely event. Good insurance plans are available for as little as ₹20 per day at a young age – that’s less than your chai budget!

3. “I’ll get it later.”
   Procrastination is risky. Pre-existing conditions might disqualify you from coverage entirely.

4. “I already have some savings.”
   Savings are great, but they’re no match for a major medical event. A single surgery can wipe out years of disciplined saving. Insurance ensures you don’t have to choose between health and wealth.

Recently, a 35-year-old entrepreneur and the sole breadwinner for his family suddenly had severe pain. Rajesh believed he didn’t need health insurance because he was fit and rarely fell sick. But life had other plans. A sudden diagnosis of kidney failure left him needing immediate treatment, costing nearly ₹11,00,000.

With no insurance, Rajesh had to borrow from friends, liquidate his investments, and dip into his children’s education fund. The stress took a toll on his recovery.

Rajesh’s story is a reminder that health crises don’t wait for us to be ready.

Retirement Realities: Are You Prepared?

Retirement is another phase where insurance – or the lack of it – can make or break your future. A study reveals:

• 85% of Indian, senior citizens find it difficult to survive financially due to lower interest rates and rising expenses.

• Rising healthcare costs and inflation often leave retirees struggling to maintain their lifestyle.

• Despite this, less than 10% of Indians have a retirement plan in place, and due to this, they often sacrifice health insurance.

Here’s a hard truth: By the time you realize the importance of retirement planning, it might be too late to catch up. Investing early, making a proper plan and having adequate insurance are all part of an appropriate retirement plan that ensures you enjoy your golden years stress-free.

Why Insurance Is Non-Negotiable

Insurance isn’t just another financial product; it’s a life essential. Here’s why:

1. Health Insurance protects your savings from the skyrocketing costs of medical care.

2. Life Insurance secures your family’s financial future, even if you’re not around.

3. Retirement Plans ensure you have a steady income when your working years are over.

4. Accidental Insurance covers unforeseen mishaps, helping you bounce back without a financial dent.

A Quick Reality Check

Think about this:

• When was the last time you heard of someone facing a financial crisis because they were overinsured? Never.

• But how often do you hear of people struggling because they had no insurance or inadequate coverage? All the time.

The best time to secure insurance was yesterday. The second-best time is today.

What You Can Do Today

Taking action is simple. Here’s a quick plan to get started:

1. Assess Your Needs: Calculate how much health, life, and retirement coverage you require based on your income, family size, and future goals.

2. Research Plans: Compare different insurance policies. Look for plans that offer adequate coverage without breaking your budget.

3. Start Small: If you’re unsure, start with basic health insurance and term life insurance. You can always expand your coverage as your needs grow.

4. Seek Expert Advice: Don’t hesitate to consult a financial advisor to tailor a plan that’s right for you.

Final Thoughts

Insurance isn’t just about paying premiums; it’s about buying peace of mind. It’s a decision you make today to protect your future and your loved ones. Don’t let excuses or procrastination leave you vulnerable to life’s uncertainties.

Remember: The best time to prepare is when everything is going well. Because when the rain starts, it’s too late to buy an umbrella.

Take charge of your financial safety net now. Your future self (and your family) will thank you.

Yours sincerely,
Tejas Lakhani

_{P.S. Ready to get started? Reply to this email, and I’ll help you choose the best insurance plan tailored to your needs.}