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Haven’t Bought a Life Insurance Policy? You May Be Exposed to These Risks


Apr 26, 2022

By : Bajaj Allianz Life

Getting life insurance these days is quite easy. All it takes is a few minutes to buy life insurance online. However, despite the relative ease with which you can purchase it, many individuals may put off actually investing in one. In fact, India is one of the severely underinsured countries in the entire world.[1] If you’re one of the individuals who haven’t bought a life insurance policy yet, then you may be exposing yourself and your family to financial risks. Wondering what they are? Continue reading to find out.


Risks associated with not having a life insurance policy


There are many reasons that individuals give for not buying life insurance. Some say that they don’t understand it, while others feel that they’re in good health and therefore don’t need one.

Whatever the reason may be, the truth is that uninsured individuals may be putting their finances and their family’s financial future at risk. Here’s a quick look at a few of the risks that uninsured individuals and their families are exposed to in case of the demise of the primary or the sole earning member of the family.


1. The family might find it hard to carry on with their current lifestyle


Let’s take an example to properly understand the impact of being uninsured. Take the case of an individual who is the only earning member of a family of 4. Now, with the income from the individual, the entire family would be accustomed to a particular lifestyle.

So, what happens to the family if the sole earning member faces an untimely death? In such a case, they will be unable to take care of their monthly expenses without the contribution of the deceased earning member.

By losing an earning member, the family may lose financial stability, and this can lead to a disruption of their life goals too. Here’s where a life insurance policy can help. The payout from life insurance can be used by the deceased individual’s family to take care of their monthly expenses and carry on with their current lifestyle.


2. The family may be burdened by debts


Another risk that an uninsured individual is exposed to is that they may leave their family under the burden of debt. A lot of families may have different kinds of debts and other liabilities that they would need to repay. And by losing an earning member, a family might find it hard to settle all their obligations and dues on time. The stress of having to manage their monthly expenses and of paying off all their loan obligations simultaneously can be too much to bear.

However, if the earning member is insured by a sizable life insurance policy, the death benefit payout could be used by the nominees to settle all of their loan obligations. This would allow them to live a completely debt-free life.


3. The children in the family may not get to realise their goals


Just like the cost of medical treatment, the cost of education is also on a consistent upward trend.[2] And in the case of children wanting to pursue higher education in foreign countries, the costs may be exorbitant, to say the least.

Now, as long as the breadwinner of the family is alive and earning well, the children might just be able to realize their dreams. But, in case the earning member faces an untimely demise all of a sudden, the dreams of the children in the family may be harder to achieve, especially if the earning member was uninsured.

That said, all of this can be avoided by considering to purchase a life insurance policy. The death benefit payout may be used to fund the children’s dreams, whatever they may be. That’s not all. There are different types of life insurance plans like child insurance plans that are catered towards protecting the financial future of children specifically.


4. No inheritance for the family


The goal of every individual is to leave behind a sizable inheritance in the form of money or property for their family. However, in this fast-paced life, not everyone may be able to build a large inheritance, especially with a lot of other expenses to take care of.

However, with a life insurance plan, you can leave behind enough inheritance for your loved ones. In this case, the death benefit payout from the plan will act as a significant inheritance. And the best part of it all is that you don’t have to spend much time planning or working hard to build an inheritance corpus. All that you would have to do is pay your insurance premiums on time.

But then, when you don’t buy life insurance, you may lose the chance of leaving behind an inheritance for your family and may put them under risk of being financially unprotected.




These are just a few of the other risks that you may be exposing yourself and your family to by not purchasing a life insurance policy. So, if you do not have a life cover yet, it is a good idea to consider getting yourself protected at the earliest. Go ahead and choose the suitable life insurance policy for yourself to steer clear of these risks.





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2Above illustration is considering Male aged 25 years | Non-Smoker | Life Cover Variant | Policy term (PT)– 30 years | Premium Payment Term (PPT) – 30 years | Sum Assured opted is Rs. 1,00,00,000 | Online Channel | medical rates | Annual Premium Payment Mode | Premium shown above is exclusive of Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only.

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The above information is for general understanding and is meant to educate the general public at large. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information. 

The views stated in this article is not to be construed as investment advice and readers are suggested to seek independent financial advice before making any investment decisions. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on carefully before concluding a sale.