I LOVE MY CAR

The Ultimate Cost of Misplaced Priorities: Is Your Car Worth More Than Your Life?

We all have that one friend—or perhaps you are that friend—who loves the smell of a new car but cringes at the thought of paying for insurance.

For almost 3 years, I have been after a client of mine to buy a health insurance, but he has been telling me why to waste thousands in buying a health plan. Soon after his marriage I told him that now he has responsibilities to take care of and he should get a term insurance in order to secure the family. And of course, health insurance was still pending.

The Shiny New Asset

A few days ago, Amit walked into my office and asked me to step outside. There he stood, the proud owner of a brand-new Hyundai Creta. After taking a quick spin around the block, we returned to the office.

While Amit was absolutely thrilled with his new set of wheels, I was harboring a lot of professional anxiety. As his financial planner, I knew his priorities were upside down. A solid health insurance policy and a term plan should always be the topmost priorities before making luxury purchases.

That is when I decided to write this article—to prove to Amit, and anyone else reading this, that health and term insurance are not as costly as you think.

Let’s Do the Math

To put things into perspective, let's look at the actual numbers behind Amit's financial choices.

The Cost of Protecting an Asset vs. Protecting a Life

Realizing the Irony

Look closely at those numbers. Amit feels that paying Rs. 25,727 a year to protect his health and secure his family's financial future is "too costly." Yet, he didn't hesitate to write a check for Rs. 47,000 to protect a Rs. 11 Lakh piece of metal that depreciates the moment it leaves the showroom.

Furthermore, Amit completely overlooked the tax benefits. He can claim a tax deduction under Section 80D for the health insurance premium, making it even more cost-effective.

A Question to Ponder: Is an Rs.11 Lakh car genuinely more valuable than your health, your life, and your family’s peace of mind?

It is time to set your financial priorities right. Give it a serious thought.

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