I’m not an insurance agent. Not any of insurance company/person order me to publish this blog. The core purpose of this blog is helping the people of third world countries to understand the benefits and value of life insurance. In western countries people who reads this blog also get some fruitful information what is happing in 3rd world countries and they are doing. God help me and those who read this blog and I am successful if they read it and get some benefits. Literally I am poor person whose monthly residual income only 220$ USD.
In 3rd world countries people don’t know about the life insurance. Here in my country only 3% of people are insured. Remaining rest of 97% of people even don’t know the meaning of it. But in some private organizations and some people who are educated understand the meaning of it and also its value and benefits.
I don’t know what type of life insurance is given in European countries and also in America. But here I told you what type of life insurance is given to us and what type of benefits we get here.
Why Life Insurance is really important for us (3rd World Countries) People across the world have same mentality because of we all are human beings. The thing that interrupt them is the international borders and some kind of moral and ethical values. So here I say all human beings have the problem they can’t save money. Here in 3rd world countries women are discourage to do job. When the only person who earns for rest of family is dead then ultimately all of the family had to suffer the harsh consequences. Some government employee to get some favors but they are not enough.
Here in our country the people who often buy life insurance have some kind of conditions and some solid reasons.
Perspective of people who Buy life insurance
They need big money at the end of the insurance policy time. Means if they buy 20 years insurance policy plan so after that time they get a big money for buying house or establishing business for their sons.
The people who buy life insurance have main perspective of accidental coverage like if they lost their leg, arm, thumb, eye, or their hearing is affected their insurance policy is closed and they also get a monthly grant out of it. In accidental coverage the families get double amount if the person is dead.
No matter what age you are in life, life insurance is definitely something to add to your overall financial portfolio
While typing the word “Death Benefits” my hands are trembling Very dangerous word death benefits. But what can I do that is cruel reality of human beings. So come on topic who are dead naturally their families get benefits of lump sum amount according to the insurance policy value.
If the person is dead or his/her insurance policy closed after the specific time period they get residual monthly income.
Here in 3rd world countries people cannot fulfill the requirements of banks and they can’t get credit cards and loans. Because here banks says pledge your property or gold that you have. If they don’t have anything they get nothing. So if they have insurance policy of any company they get 80-90% of their money in the shape of loan from the respective insurance company and this type of procedure should take maximum 3 weeks. If he pays his/her insurance policy monthly/yearly installment regularly.
What mistake 3rd World’s people do.
The people of 3rd world countries normally and averagely buy 20 years plan in life insurance. Let’s suppose they pay 10000$ in 20 years. After 20 years they get lump sum 35000$. Their insurance agent says to them they get 45000$. Insurance agent are liar and greedy for their commission. They know the reality when they get only 35000$ in their hands. Some people buy 10 years plan they get 14500$.
My recommended plan and what the insurance policy I have.
I buy 30 years plan. Here people says very long very long tenure. But in western countries its normal delivery time of insurance maturity. In my plan I get 25% after 10 years 25% after 20 years and the rest of the amount I get after 30 years. I had buy my life insurance policy from postal life insurance Pakistan. My installment are on monthly basis. I pay monthly 33$. After 30 years I will totally get 89100$USD. Its’ 7.5 times higher that I deposited in the shape of monthly installments. People make fun of that. But after 30 years a poor man will have enough money. I will not have the money to buy a home but I can own a land and construct it afterwards.
Mistakes of Insurance Agents.
Here insurance agents are not well educated. Even they didn’t read their own company insurance policy booklet. Most of them read only 1 insurance plan. They says our company has the best plan ever made for you. If you talk with them. They say other plans are not suitable for you. Actually they get big commission out of it. It’s a main reason. So what you need to do. You need to borrow their booklet in which you will found 70-100 life insurance plans. They say to you we cannot give it you. It’s our internal document or our company policy leaks out. Then you need to say fine okay. I will call some other company and ask them to bring them the booklet. I will now explain you some facts. When you get this booklet read it carefully. Calculate what plans suits at your lifestyle and buy that plan. The recommendation from the insurance agents is suitable for him. Because of the commission. So be careful.
Insurance policy is quite funny also. The older you get, the more it costs
Quarrel of Insurance Agent with my friend.
According to your income stream some people buy monthly installment plans some half yearly and some yearly payment method plans. So again here they cheat you. They get money from you and give you a fake receipt. Even after 5 years they do same thing. When you visit the office of your respective insurance company they say it’s a fake receipt. The agents will not even attend the call and run away. One of my friend faces this type of incident. He pay 5 installment total amount that he pays is 1800$ in 5 years. The company says your receipt is fake. He was very upset. After 1-2 days later he calls the insurance agent and he picks the phone he says one of my client who is industrialist needs a 10 million $ insurance. The insurance agent was greedy he comes quickly. To get the big business. He reaches at his office and he caught him. He takes his car and sell it instantly. The car sells 1900$ USD. After selling the car he return remaining 100$ back to insurance agents. He says to me it’s my faith. And he did not call the police. After this incident he never buy any life insurance in his life. He saves his money in bank account. The bank give him low annually profit out of it. So for my readers beware. Whenever you buy any life insurance go to insurance company office. And pay your installment dues in the shape of cheque only on the payment counter of the respective company. Here companies are so poor. You can’t check your online payments and profits.
I will like to share an incident. My friend told me this. He is an insurance agent. One of his client get killed in a road accident. After the tragic incident father and son of dead man come and asked for the money. But it was later revealed that the dead man had already named his insurance money to his wife. His wife was later brought by my friend in the head office and she was given the money. After ten years he was sitting on a bench in a market depressed and worried because of his down falling financial life. I am talking about the agent, get it please lads: P. A woman came and ask if he remember her. He said no, she was the same widow who was given the rightful money of hers because of the agent. She told him that after getting the huge amount she buy a home and a small textile unit. And now she is exporting clothes in foreign countries. She thanked insurance agent and promised to give him new business of 1000,000$.
Bottom Line: Here in 3rd world countries. People says life insurance is a useless thing. They are only getting our money. At the end they give us nothing. In my opinion they pay you on time. If you pay your installments on time. The big problem with the people is they can’t save money. Because whenever money comes in their hands it slips away. It’s a really good thing if you want to save money and wants to save big money. I prefer people to just visit some of insurance companies’ offices. Meet their agents and discuss the plans they are offering to them and don’t buy it until you compare them with others. One of the other big cheating for the companies they told you assume value. Means it may be happen. But in most cases that I studied they only cheated you. They give you less profit what they say to you. Many of them have lots of hidden conditions.