Being an optimist is great; however, it is always wise to be prepared for uncertainty. Getting a life insurance policy is the need of the hour, especially when things around are so unpredictable. After all, we cannot leave everything to optimism, right?

So maybe it's better to be a realist. Realists accept that things sometimes go wrong, and so they always make sure that they have a backup plan- such as life insurance . It is advisable to speak to an advisor to know how much insurance cover you need and also to know which product suits your life stage the best. The earlier in life you are insured, the more you will benefit, as you will be paying a lesser premium. So buying a life insurance policy at a young age should be your priority to get an advantage in the long run.

There are many types of life insurances, but for now, let's look at the kind that protects our loved ones and us.

Meet Arif. He was only 25 years old and working in a coffee shop when in walked Sara. It was love at first sight. Six years later they were married and now have a daughter, Karina. Although they are all young and healthy, Arif knows that it will not always be the case.

So Arif purchased a pure risk life insurance policy (also known as a term insurance policy). By paying a small amount each month, Arif now knows that if something does happen to him, Sara and Karina will receive a large sum of money because of the insurance policy. Sara and Karina can use this money to pay for immediate financial liabilities and also have enough for their future financial needs.

Meet Navin. He started his restaurant business when he was only 30 years old—the most exciting yet scariest thing he had ever done. The first few years were extremely tough, but perseverance and hard work paid off. Ten years and six restaurants later, Navin now makes a comfortable living for his family. But as his children have grown older, Navin has decided that he could afford to go the extra mile to ensure they would always be able to do whatever they want to in life.

That's why Navin bought an investment life insurance policy (also known as endowment plan). These are a lot like pure risk policies, except that some part of the money Navin pays as premium is put into an investment fund. Although there's a risk involved, Navin gets to decide the amount that he is comfortable risking. If the fund performs well, it can be used to buy a bigger house or even to buy a bigger and better car, or even pay for a family vacation abroad.

Meet Harminder. He has just started his first job as a third-party payroll salesman. Harminder very well understands that since he is a third party payroll employee, he will not receive any employee benefits from the job nor will he be eligible for a pension from his current employer/company. Harminder is ambitious and will certainly move out of this organisation into a better company with a permanent role. Yet Harminder is smart and wants to start saving for his pension fund right away. So he voluntarily starts his pension fund by buying a retirement insurance plan. Since he is young, the premium he pays is lower. And since his premium is lower, he will get greater returns in the long run. So by taking action today, he is saving for a comfortable, independent and stress-free retirement.

When it comes to preparing for the future, buying a life insurance policy takes only a little effort. But once it's done, we can sit back and enjoy a peaceful life. That's a pretty good deal. Don't you think?

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