"I Wish I Had Term Insurance!" – A Ghost’s Guide to Protecting Your Family

08 August 2025 12:39 PM - By PVR ADVISORY

👻 Hi there, I’m Rajesh... or rather, I was* Rajesh.*

An IT professional, 38 years old, living a decent life with my wife and two kids. Healthy, happy, and earning well. Life was good… until it wasn’t.

One rainy night, fate struck. A sudden accident. I didn’t make it.

And that’s how I became what you might call... a ghost.

But not the kind that haunts. I don’t scare people.

I carry regret.

Regret that I didn’t take a simple step that could have saved my family from financial ruin — buying term insurance.

Today, from the other side, I want to tell you everything I wish I had known... while I was alive.

🕯️ Why You Must Buy Term Insurance

To protect your family financially in case of your untimely death.

If you're the breadwinner, your family depends on you. When you're gone, term insurance steps in — covering expenses, paying off loans, and ensuring their future is safe.

🧑‍🤝‍🧑 Who Should Buy It?

Anyone who earns and has dependents or debts.

If someone relies on your income — your spouse, children, parents — term insurance is not optional. It's your duty.

⏳ When Should You Buy?

As early as possible!

I delayed. "Maybe next year" I thought.

But next year never came.

Start young — the premiums are lower, and your health is better.

🏪 Where to Buy?

Offline: Through a reliable agent/advisor, especially if your family isn’t tech-savvy. They’ll help with the claim process if you're no longer around (like me).
Online: Directly from insurance company websites, if your family is confident and independent enough to handle it themselves.

🧠 Which Plan is Right?

Pick a plan from a reputed insurer with:

High Claim Settlement Ratio
High Claim Amount Settlement
Strong Solvency Ratio
Moderate and transparent premiums

Don't chase the cheapest plan — you need reliability.

💰 How Much Insurance Do You Need?

Here’s what I wish I had done:

Ideal: 20× your annual income
Optimal: 10–15× your annual income
Or at least, 20× your annual expenses + outstanding loans

Remember: You can increase cover later after marriage or having kids in some policies, but not in all. Plan ahead — life moves fast.

🔒 Lessons from the Afterlife: 11 Rules to Follow

Take Plain Term Insurance – No returns, just protection.
Policy Term – Till age 65–70. By then, kids are usually independent.
Go for Regular Annual Premium – Avoid limited/single pay traps.
Fill the Form Yourself – Not your agent. Your honesty, your words.
Disclose Your Medical History – Hiding it may cause claim rejection.
Opt for MWPA (Married Women's Property Act) – It safeguards your policy from creditors. Do this before the policy is issued.
Choose Riders – Like terminal illness and disability waiver, if available.
Insist on Medical Tests – It's proof that you were healthy at purchase.
Disclose Existing Life Insurance Policies – Stay transparent.
Inform Your Family – About the policy, insurer, and claim process.
Enable Auto-Debit – Never miss a premium. One miss can end it all.

🕊️ What Happened to My Family?

They struggled. Loan EMIs piled up. My wife had to take up odd jobs. My son dropped out of his coaching. My daughter stopped dreaming of becoming a doctor.

All because I didn't spend a few thousand a year on a term plan worth crores.

Please… don’t be like me.

🌟 Final Words From a Regretful Ghost

If you’re alive — you have time.

Use it wisely.

Term insurance is not just a policy. It's a promise — that your family will live with dignity, even if you're not there to provide it.

Buy it today. Not tomorrow. Ghosts don’t get second chances.

Secure their future before it’s too late. Because once you're gone, the only thing that should haunt them… is your beautiful memory — not unpaid EMIs. Remember, only your decisions will speak for you.

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