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Why You Must Calculate Your "Real Value" When Buying A Life Insurance Plan

A life insurance plan not only helps safeguard our loved ones from financial hardships in our absence but also ensures that they continue to lead a dignified, secure life when we aren't around.

An unexpected lesson that we all have learnt from the ongoing pandemic is that the future belongs to those who prepare for it. And what better preparation of future financial security could be there than investing in a robust life insurance plan?

A life insurance plan not only helps safeguard our loved ones from financial hardships in our absence, but also ensures that they continue to lead a dignified, secure life when we aren't around. As individuals helming responsibility for our family's future financial security, it then becomes our duty to buy the right amount of life insurance cover needed to shield dear ones from life's various uncertainties.

This is where the concept of 'Real Value' comes into the picture. In order to buy the ideal life insurance cover, it is important to understand and embrace our 'Real Value'. A thorough understanding and estimation of our 'Real Value' has the potential to positively impact our family's future financial stability and is therefore critical to take into account when purchasing life insurance.

What is your 'Real Value'?

As individuals, we often assess our worth based on the financial support we bring to the house, while overlooking the value we bring to our family and lives of loved ones through our encouragement, deep love and sometimes just by our sheer presence. While we celebrate the smallest achievements of our friends and family, we tend to often undermine our 'Real Value' on most occasions. As a result, when buying life insurance too, we tend to place a lower premium value on ourselves, thus risking our family's future financial stability.

Why is it important to embrace 'Real Value'?

When you buy life insurance, based on an incorrect estimation of your 'Real Value', you're likely to end up buying life insurance plan with lesser sum assured which will fail to provide assistance with care of loved ones, accomplishment of goals such as kids' marriage and education and keep up their standard of living in your absence.

It is crucial to recognize that through life's lows and highs, as an individual, it's you who brings a difference to your loved ones' lives. The right understanding of your own 'Real Value' goes hand in hand with the level of financial protection of your loved ones. It is therefore imperative to understand and embrace your 'Real Value' when buying life insurance.

How to calculate your 'Real Value'?

At Max Life, we believe that your life insurance cover should reflect your 'Real Value', because for your loved ones #YouAreTheDifference. To help you assess the right financial value, our online Real Value Tool helps bridge the gap between real financial value and the current life insurance cover.

By gauging the level of your current financial protection, the tool may help you arrive at the right amount of life insurance cover needed, thereby ensuring the enhanced future financial security of loves ones. Basis your current financial situation and life goals, the tool navigates through a set of simple questions to help you assess your life goals, dependents, their expenses, current savings, existing life insurance cover and level of preparedness for future financial responsibilities. It then helps you narrow down the complex life insurance conversations to essential elements and guides you to the right protection cover needed to safeguard against adversities.

Ensure the financial wellbeing of loved ones with 'Real Value'

Life insurance buying should be a carefully planned activity and one must consider the family's financial future, current financial circumstances, future liabilities, living standards and health through each of their life stages. While the value of life insurance may change with increase in income or change in lifestyle or additional financial liabilities, the goal must never.

Life insurance is about you having adequate financial protection against life and health risks to ensure their financial wellbeing of your loved ones. By understanding and accounting your 'Real Value' when buying life insurance, you can protect your loves ones with adequate insurance cover and sum assured, creating for them a financially sound future.

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