I was catching up with a friend the other day.
We were having a lovely conversation, chatting about our personal lives, families and the latest trending topic which happened to be that chubby-looking dictator with 24/7 access to nuclear warheads.
Somehow, our attention turned to insurance.
It is not out of place since he works in a law firm that does business with insurance companies.
I was telling him about how cool our Robo-advisory is and how he should give it a try.
“You know, bro. I don’t buy insurance. I simply cannot stand the idea of buying a product of which almost half the cost goes to the advisors as commission.”
In that moment, I was taken aback.
This came from someone who was familiar with insurance.
And someone who would possibly charge his clients similarly in legal fees!
“Sure, I understand.”
I then moved on to another topic out of courtesy.
I did not think about it again.
My friend is right.
We should not buy insurance.
And this is why.
I am not buying insurance. I am just protecting myself.
When you view insurance as just another consumer good, such as a car, washing machine or an iPhone X, it seems to be a product that provides little value.
Will you pay for something that doesn’t do anything for you and yet requires paying an instalment every single month?
That seems to be the case for insurance.
Insurance doesn’t take you from point A to B.
It doesn’t clean your clothes.
And it, for sure, will not recognize your good-looking mug!
That is true if you are buying another product.
But insurance is not another TV or car.
It is a friend who guarantees help when you are in trouble.
If you are sick.
If you are injured.
If you are temporarily disabled.
Insurance will be there if you decide that it is important enough to have.
I am not buying insurance.
I am merely fulfilling my duties as a son, husband and father.
Filial piety is one of the most cherished Asian values.
I do believe in it.
I want to be there, supporting my parents until they are no longer around.
I want to be a responsible husband.
Under no circumstances will I allow her to go through financial hardship.
We will grow old together.
I want to be a great Dad to my kid.
He will never go hungry, regardless of the situation.
And he will have enough support from me to fulfill his dreams.
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But I may not be always around.
The only way I can guarantee all of these is by having insurance.
I am not buying insurance.
I am protecting myself and those whom I treasure.
That is why you should do the same.
www.ClearlySurely.com aims to eradicate the knowledge gap between consumers and Life Insurance. Our Vision is that one day, every Man, Woman, and Child will be properly insured.