Understanding Life Insurance as a fresher : At OneAssure

My experience as an intern at OneAssure

As a fresher, interning in an insurtech I personally have experienced myth-busting factors about what insurance is all about. I have realised how insurance can impact one’s course of life during tragic events or even keep your loved ones assured through enabling a financial cushion in the account of an unforeseen situation. Through my colleagues at OneAssure, the insurance brokerage firm that I have the opportunity of interning in, I had a revelation about the complexities regarding insurance and how there is a need for every individual to consult professional advisors to plan their financial future.

It would be fair to say that my learning curve has been  quite steep in the first month of this internship, personally and professionally as I came in with no knowledge about insurance, as every other gen z i assumed it was for people who are older or people with many dependents but little did I know that I was extremely ill-informed . Right off as we started, the uncertainty and anxiety for my first day turned into excitement for the opportunity and knowledge coming my way, the warm and encouraging working environment and supportive senior colleagues guiding us in every step of the way. 

Are we procrastinating insurance? 

The most evident issue that I noticed about insurance is that it is always on the back burner, the worst of worst case scenario, but actually it's quite the opposite.

Us ‘new gen’ often get a bad rap, accused of abolishing norms, including everything from the traditional 9 to 5 work week, homeownership or marriage. But when it comes to life insurance, we’re surprisingly responsible. A generation known for being financial savvy, protecting our loved ones is clearly a priority. It's no wonder that what we’re actively seeking for is good life insurance coverage. The media portrays this generation as carefree, but when it comes to finances we are serious. According to a recent study done by the economic times, the standout revelation is that young Indians are increasingly adopting consistent saving habits, around 93% of the sample survey respondents identified themselves as regular savers, with most individuals setting aside about 20-30% of their income on future financial goals, 2 out of 5 of us wish our partners/spouses would buy more coverage which is way more than the gen X or Boomers ever thought about insurance.

Here at OneAssure, we make insurance simple, clear and all about you, regardless of what the norms say, insurance is an investment for everyone.

'Masterclass’ Insights About Insurance

The reason why we are still somewhat hesitant about insurance is not because of lack of interest, it's actually quite the opposite as the world we live in of social media polls for referrals and extensive research, which is making insurance all the more important. The problem is competing financial priorities, as most of us paying rent, utilities, and credit card debt we definitely are more focused on paying off our student loans or are applying for one. This also includes the splurge on vacations, retirement savings, healthcare, and many more, which reflects on our spending habits. 

As a part of OneAssure, I had the opportunity to understand some basic terminologies and misconceptions about insurance, through the ‘masterclass’ webinars conducted by the founder Ruchir Kanakia and co-founder Aman Shetty, that gave me professional insights about the A to Z of term and health insurance. 

There are many misconceptions about buying term insurance that exist in every generation and evolve with time that hinder us from making the right financial choices for us and our loved ones. Here are some false notions that I personally got clarity on from the masterclass;

Many younger generations view life insurance as an ‘unaffordable luxury’

That is quite hypocritical as well, because as a generation that focuses on the present and the motto of ‘YOLO’ aka you only live once, prioritising proper coverage should be on the top of the list. 

About 44% of millennials think that the price of insurance is way higher than it actually is, the best guesses are over five times higher than the actual price of it. The reality is that life insurance is often more affordable than many young adults realize. The premium might be cheaper than our Zomato orders or impulsive Amazon purchases. This misconception may be preventing them from securing crucial coverage. Especially considering that younger, healthier individuals typically qualify for the most competitive premiums, it's a missed opportunity. In order to not miss this opportunity, consulting a professional advisor for personalised plans that fit your lifestyle and budget is imperative, a reliable insurance brokerage that caters to all your needs, One Assure guarantees you trustworthy and transparent advice relating to your policy needs. 

Life insurance is for older people

Paying for a premium can feel like another cost, but we never know the course of life. It is essential to know that any amount of life insurance is better than none at all. While you may not be thinking about it now, life insurance in your 20s can be a smart move, especially if you're building a family or have financial obligations. Additionally, many policies offer long-term benefits like cash value growth, which can serve as a financial asset over time. Moreover, life insurance can offer living benefits through policies that build cash value, which can be used to support major life goals like buying a home, funding education, or starting a business. Waiting until later in life to get coverage can mean higher costs, fewer options, or even disqualification due to health issues. By addressing future needs today, younger individuals can lock in financial security for themselves and their loved ones, debunking the myth that life insurance is only for older generations. Life insurance is a proactive step to protect your future, no matter your age.

Tendency to risk-averse

Millennials often take a risk-averse approach to money, driven by their high expectations from life and a preference for spending on experiences and quality purchases. As a result, a significant portion of their income is reserved for recreation, making them hesitant to invest in financial instruments that don’t offer immediate returns. This reluctance to plan for the long term is one of the biggest barriers preventing millennials from considering insurance. However, term insurance can play a crucial role in ensuring financial stability in the event of unforeseen circumstances. By providing claims as lump sums or monthly payouts, it offers peace of mind and protects loved ones from financial hardships.

Life insurance is only valuable after you die

Life insurance isn't just about the end; it's about the life we're building. It provides a safety net for our family, covering unexpected expenses like funeral costs and outstanding debts. But it goes beyond that. Life insurance can help ensure our kids get the education we dream of, our mortgage is paid off, and our loved ones can maintain their lifestyle, even in our absence. The real peace of mind comes from knowing our family is protected, allowing us to focus on living life to the fullest.

The cost of term life insurance can be surprisingly affordable. In fact, the monthly premiums might be less than your daily coffee or a few streaming subscriptions. It's a small investment for significant peace of mind, knowing your family is protected from unexpected life events.

Life insurance matters for all

While we might be taking a more unconventional path to adulthood, delaying milestones like marriage and homeownership, our vulnerability remains. Life is unpredictable, and unforeseen events can happen at any time. Choosing to forgo life insurance could have devastating consequences for our loved ones, leaving them financially unprepared in the face of tragedy. OneAssure stands out in the insurance sector for its personalized and transparent approach to both life and health insurance. The company focuses on helping clients understand complex policies and choose plans tailored to their needs. Their expertise in offering comprehensive coverage options with added riders intrigued me as I began to explore the world of insurance. Additionally, OneAssure simplifies these concepts further through their Masterclass Webinars, which provide clients and interns alike with valuable insights into the nuances of insurance, making it easy to understand for everyone.

Ultimately, life insurance is an investment in your loved ones, regardless of your age or life stage. It offers invaluable peace of mind and provides a crucial financial safety net for your family. No matter what the future holds, life insurance ensures that those you cherish are protected and supported, allowing you to focus on living life to the fullest.