Hello all! Wishing each one of you a very good day!

Safal Fintech is starting a series of blogs that will highlight what we think is at the core of one’s life— “Is protection important? Why should I take insurance? Is insurance an integral part of my life?”

Again, in my long career in Financial Services, I come across many individuals who are constantly confused when it comes to "protection" or "insurance." We, at Safal Fintech, think that it is a core and an integral part of one’s life.

It doesn’t matter whether it is to protect yourself from obligations or to protect your wealth; one must have sufficient insurance. In fact, we think that everyone must ensure that they are insured sufficiently before they think about wealth creation or wealth management.

So, in this series, we will highlight the protection segment in detail and also highlight why we think “protection comes before investment.”

Before starting, let me ask you one basic question. How many of you have come across people, be it family or friends, who have told you that they don’t buy car insurance or motor insurance? You will not find many people who don’t take car or motor insurance when they buy a car.

Everyone is worried that if their car is hit or gets damaged in an accident, who will pay for the damages?. So, the very first thing they take, even before they take delivery of the car, is insurance. But when it comes to one’s health or one’s life, people tend to cringe away from health or life insurance.

Tell me really, do you take motor insurance thinking you will 100% hit or damage your car? No, you take it thinking, if my car gets damaged in any way, whether it is my mistake or someone else’s, I should not pay the expense out of my pocket. By the way, this expense in reality is not that much, but still, you make sure you have insurance.

Now, imagine: can a similar thing not happen with your life or your health? Can you really guarantee that you will not fall ill or that you cannot meet with an accident or that you cannot have an adverse event that will really turn around your life or your loved ones’?

You know, I recently came across someone who said, “Insurance is only meant for the rich. Why should poor people take insurance? If you are rich, you are worried that if something happens to you, what happens to your wealth or what happens to your family. But if you are poor, what are you worried about?” As per this concept, what are you — rich or poor?

Well, I think, rich or poor, you do need protection in your life so that neither your wealth deteriorates nor does it impact your future wealth goals in an adverse life event. You can only protect your goals by protecting yourself – period!

Let me leave you here to contemplate! Ciao! Goodbye! And keep looking at this space for more!

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