One of my client was a bollywood actor. He was on his way to airport for outdoor shoot in switzerland. I was on the same flight. He was a successful and busy actor. Talking with him about insurance, He didn’t see the value of covering his wife, who was a stay-at-home mother. Actually she was also an actress. But after marriage she decided to stay at home and take care of home and kids. “Why do I need that?” He asked. “Now She doesn’t make any money staying at home.”
If you Google it, the average stay-at-home parent is worth about RS.8 to 10 Lakh a year, depending on what article you read. In my practice, we talk a lot about buying insurance on a stay-at-home parent to protect the other parent’s career. If something happens to him or her, I always ask, “Do you want to have a choice to work or stay home? Insurance gives you a choice. Imagine if something happens to the stay-at-home parent and you’re trying to build your career.”
Do you want to have a choice to work or stay home? The lightbulb went off with her.
Once I started giving him the numbers of what it would cost if something happened to his wife, it started to click. I said, “Do you want your career to stop? That’s what’s going to happen.” The lightbulb went off with him. They haven’t had to use it yet, thankfully.
I see this situation fairly often. Some people are very reluctant. My wife stays at home with our three kids, and I have the same amount of insurance for her as I have on myself.
With the bollywood actor - I wasn’t tempted to say, “This isn’t rocket science.” But some people do overcomplicate things. They think everything’s complicated in life. It’s not. We’re talking of just RS.35000 per year for One Crore in term coverage. Simple.
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