When asked how life insurance can be made more affordable, Nimal Priyantha, Assistant General Manager for Sales at Amana Takaful Life Insurance, notes that the unpredictability of life is a maxim that is likely most apparent today, with the COVID-19 still striking devastation around the world. The evident health crisis is compounded by the economic downturn and lack of revenue. While many people have lost their employment, families with significant breadwinners are suffering more financial difficulties daily.
Prioritizing financial planning, according to Nimal, can assist families in getting through such a crisis in one’s absence and fulfilling their life goals as intended. The present pandemic crisis has highlighted the importance of purchasing term insurance to safeguard the future of loved ones. Life insurance plans, according to Nimal, should not burn a hole in one’s pocket. Suppose customers are concerned that purchasing a term life insurance plan will increase their expenditures. In that case, they should rethink because term plans are among the most affordable life insurance plans, and the coverage they provide can easily outweigh their costs.
Lowering rates and making the insurance cover readily match one’s budget to acquire a policy when they’re young, according to Nimal, are a few approaches to make term life insurance reasonable for oneself. For example, when a person is in their 20s and early 30s, insurance plans are less expensive than when they are older. As a result, it’s better to buy a term policy earlier to get lower rates and more coverage.
Additionally, he discusses the need to keep excellent health – linking to the lifestyle point raised by Gehan – because insurance companies offer lower premiums to healthy people who do not smoke, consume alcohol, or engage in other harmful activities. As a result of these practices, one could lower their risk of illness, and good insurance coverage can be obtained at a reasonable cost. As a result, the goal is to preserve excellent health by avoiding smoking, consuming alcohol, stress, and other lifestyle disorders.
Finally, he points out that true financial prudence entails regularly assessing one’s policy and sum assured. This is because one’s requirements vary as one progresses through life, and one’s obligations increase or diminish. Therefore, customers can choose an increasing or decreasing sum assured for their insurance cover based on their life stage.
To summarise, Amana Takaful Insurance is committed to providing peace of mind through World-Class insurance solutions to benchmark their value delivery in terms of product and services to world-class service providers while adhering to customer-centric and ethical insurance principles. The company’s delivery will benefit customers, employees, shareholders, suppliers, regulators, and the broader public of Sri Lanka, rightfully obeying the organization’s primary message: ‘To every Sri Lankan, as one.’