An Analogy of Your Car to Your Life
A car is perhaps one of the best metaphors for life among the many available.
A car is perhaps one of the best metaphors for life among the many available. Exercise keeps our bodies in top shape, just like a well-tuned car engine that runs at peak efficiency. Whereas an unbalanced life, like an unbalanced car tire, predisposes us to mental, emotional, or even physical trauma.
Furthermore, life is similar to driving a car. Sometimes you have a very specific destination in mind, and you know exactly where and when you will park. But sometimes you don’t; you just get in your car and drive somewhere random. Isn’t that how life goes?
You meet different people while driving your car down the road, especially when you stop somewhere along the way. You meet these people and become friends with them. However, the hearty laughter and conversations last only a few minutes before everyone gets on the freeway, either heading in the same or opposite direction. That is how things work in our lives as well: we meet new people, befriend them, grow with them, and eventually, the relationship ends, for better or worse.
Furthermore, we frequently bump or swerve our cars on the road, and occasionally, if we are unlucky, we crash. We all go through rough patches in life, similar to the chip or nick on the car’s paint. But these are nothing more than minor hiccups here and there.
Then there are times when your car is completely wrecked, dented, scratched, and different than it was before the collision, causing financial hardship in your pockets. Your car insurance, on the other hand, guarantees that you will be compensated for any financial losses.
What if the accident is fatal? Although your family may be compensated for car damage, will they be able to live without financial stress in your absence? This should make you consider your life and what will happen to your family if you are not present. A vehicle can be replaced, but not your life.
What About Your Life, If You Protected Your Car?
Everyone who owns a car is required to have car insurance. Despite the fact that their stay-at-home spouse and children are completely reliant on them, most people do not have life insurance.
Just as you purchase car insurance to protect your vehicle against the risks of loss, damage, or theft, you should also insure your life. The weight of your outstanding debts, children’s education, and your spouse’s old age would crush your family’s future in your absence.
Simply put, disability, critical illness, and death can forever alter the lives of your loved ones. Is your family financially prepared to deal with such unforeseen events? If your answer is no, it is reasonable to purchase “Term Insurance” to financially protect your family’s future from a variety of worries.
Why Get Term Insurance?
We should insure our lives as the first financial decision we make, but we don’t. We never realise the lurking danger because of our careless attitude, ignorance, or procrastination. However, term insurance can provide you with the much-needed peace of mind that your family will have a financial safety net if you die.
Term insurance pays out if you die during the policy period. It provides funds for your dependents (spouse, children, and parents) to survive and maintain their standard of living. The payout from your term plan can relieve your loved ones’ financial stress and be used to pay off:
1. Mortgage on a home
2. Outstanding debt
3. Education expenses
4. Marriage expenses for children, and so on
Term insurance also has the following advantages:
1. Cost-effectiveness
2. The ability to secure low premium rates while still young
3. Riders are available to make the policy more comprehensive.
4. The ability to select payout options such as lump sum or monthly income, or a combination of lump sum and monthly income.
5. Tax advantages under Section 80C
With Term Insurance, you can provide your loved ones with long-term security.
READ ALSO: How Wellness Benefits Can Help Reduce Your Health Insurance Premium
If you want to buy term insurance to protect your family financially, Max Life Insurance has a comprehensive term plan to cover the risk to your life. This low-cost plan (Max Life Smart Secure Plus) provides coverage up to the age of 85, as well as the option to choose the premium payment term and policy term. Most importantly, you have the option to purchase additional riders such as ‘Accelerated Critical Illness Cover’ and ‘Accidental Cover’ for an additional premium, which means you can financially protect yourself against unfavorable events such as critical illnesses and accidents.
To summarise, just as you know the value of your car and insure it, you must recognize the value of your life and purchase adequate coverage as soon as possible. If you can afford to insure your car, why not spend some of that money to ensure that your loved ones are financially secure?