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Insurance Beyond Protection – Needs Vs Wants

“I am financially independent. Do my parents need insurance?” A customer may pose this question to his agent.

I believe everybody needs insurance for a reason. One of the primary reasons for parents to get insurance is to ensure their children can still have three square meals on the dining table even though the breadwinners are no longer around.

For cases where the children are adults, parents may still need insurance especially health insurance, disability insurance or long-term care to pay off medical or hospital bills.

People from countries such as United Kingdom may need insurance for final expenses. Due to the growing population in the United Kingdom, the burial land is becoming scarce. Funeral is increasingly becoming a costly affair. In fact, many people purchase life insurance funeral policies so that they themselves can plan to have their funeral carried out to their own wishes.

While retirement seems to be remote to younger people, retirement is something that must happen if we live long enough. People may be concerned with their retirement. When we retire, our income also retires. We may depend on only our pension or savings to pay for food and household bills.

Many a time, the pension or savings we have may not be sufficient to combat inflation. Some folks may even outlive the money they have saved for retirement. There are insurance plans or annuities out there to supplement retirement income. Given choice, people choose to retire with dignity and not on charity.

It is not necessary for us to associate insurance with uncomfortable or unpleasant subjects all the time. There are occasions we can look at the function of insurance beyond protection. People need insurance for protection. However if the protection needs are fulfilled or no longer significant, it is time to move from the “needs” to the “wants” of the customers.

We can relate the “wants” of the customers with happy or meaningful events.

There are insurance plans designed in such a manner that the policyholders can look forward to receiving an amount of cash annually or every alternate year when they retire. The policyholders can use such cash payments any way they wish. If the amounts are substantial, they can use the money for vacation.

Such insurance plans are meant to fulfill the dreams of many people. People don’t need an exciting retirement life but they want an exciting and eventful retirement life. In this instance, insurance is no longer serving the needs but the wants of the customers.

For parents whose children are financially independent, they can get themselves insurance to create a fund for a noble reason or to promote a good cause. With appropriate arrangement, the policy proceeds can be assigned or donated to charitable organizations under their name.

Again, people don’t need to donate to charitable organizations. If they want to make donations to charitable organizations using policy proceeds, insurance policy can be an instrument to achieve this purpose. To some people, this could be a more meaningful way to help the needful. Imagine we can still help the orphans and homeless folks when we are no longer around. Some people may find this a pretty cool way to earn themselves one more day in paradise!

We don’t need to leave anything behind for our grandchildren to remember us by. If want to, there are many ways to do so. Insurance may be a good option.

With necessary arrangement made, insurance can help a person transcend time and space to express his love and care to his grandchildren. Some love lasts a lifetime. Some love lasts forever. It is up to us to choose how long we want our love to endure.


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