Rahul and Karan were cricket buffs. They never missed a match when the Indian team played. For one such match, they were glued to the TV set. India won a nail biter. The presenters proceeded with their post-match discussion as usual and Rahul exclaimed, “God, cricket is a game of patience and nerve!”
Karan, who was also an insurance advisor, replied, “Yeah, just like life insurance.”
“Really? But, what do the two have in common?” Rahul asks.
“Quite a lot actually! It is possible to gain a lot of money management ideas from cricket. There are many similarities between the game and the process of purchasing a life insurance policy.” Karan said.
So, What Does Cricket Teach Us about Life Insurance?
Here’s a list:
- Take a Long Term View
Cricket is a team sport and it takes a lot of sweat, hard work and time to identify potential match winners and build a team. This team is then prepared to win many series and matches in the years to come. Similarly, while buying life insurance you should ideally take the longest tenure possible.
- Build Your Team Well
In cricket, it is extremely important to know your team’s strengths and weaknesses to create a plan of action. Similarly, while purchasing a life insurance plan, you must compare and evaluate the various term policies available in the market before you can find the best plan that suit all your financial goals.
- A Good Early Start
Setting big targets and chasing them requires a solid good start. The openers lay the foundation for others to come and play their game. A good start is critical to achieve long-term success.
Similarly, buying a life insurance policy early in life ensures lower premiums along with the availability of various riders. And the younger you buy, the cheaper the premium. Additionally, in case of policies with investments, longer tenure means that your money multiplies through compounding.
- Control Your Run Rate
The run rate required changes every cricket match, and controlling your run rate is an important part of playing the game.
Similarly, in life insurance, you’ll need to increase your policy cover as your liabilities increase. This happens with every major change in your life. For example, the cover you had when you were single may not be enough after you get married and have kids. With Top up benefit of Edelweiss Tokio Zindagi Plus you can increase your life cover at every important milestone in your life when you get married, have children or buy a new home.
- Brace for Uncertainties
Cricket is a game of uncertainties. The complexion of a match can change in a single over. And that’s what makes cricket so exciting! Every player must brace for uncertainties and take nothing for granted.
Life insurance is all about preparing for uncertainties in the game of life. A life insurance plan will help protect the financial future of your loved ones, in the event of your untimely death or disability due to an accident, or even being diagnosed with a critical illness. It is important to plan well for such instances and attach the necessary riders while buying a policy.
- Have Patience
To chase big targets, it’s vital to have patience. Even while building a team, the team management needs to be patient with the selected players and give them opportunities to perform.
Similarly, going through all your life insurance policy options patiently is an important aspect. Don’t be in a hurry to find a policy. And once you do invest in one, be patient, with it and continue investing in it, even when it feels like it is just an added burden on your budget, as it will be your safety gear.
After listening to Karan’s explanation, Rahul was surprised and happy. “Wow I really didn’t know that you could learn so many insurance lessons from cricket. Now I finally feel ready to find and purchase a life insurance policy for myself. Thanks a lot!” Rahul said.
“My pleasure mate!” Karan replied with a smile.
So, don’t wait! Go ahead and get your life insurance policy today.