What Smartphones can tell you about life insurance?

12th June 2017

What expensive smartphones can tell you about life insurance

We are in the middle of the smartphone season what with a spate of launches from key manufacturers across the spectrum. And yet we are talking of life insurance over here, when that is the last thing you are thinking of while buying a smartphone.

First let’s understand what the expensive smartphones can do for you.

Without getting into the brand names and model numbers, this is what many of the latest smartphones are offering you:

  1. Better processing – often twice as fast as the previous model
  2. Better camera – capture better quality photos
  3. Battery – improved, long lasting
  4. Innovations

There is so much going on in the smartphone space that it can be mindboggling for a majority of users. In fact, the majority wonder how the new phones are any different from the existing ones as far as their regular usage – read apps – are concerned.

The most popular apps are…

It’s worth spending time understanding which apps keep the regular smartphone user busy.

According to those in the know, the top 15 apps across both iOS and Android are:

  1. Facebook
  2. Facebook Messenger
  3. YouTube
  4. Google Play
  5. Google Maps
  6. Google Search
  7. Gmail
  8. Pandora Radio
  9. Instagram
  10. Amazon Mobile
  11. Apple Music
  12. Yahoo Stocks
  13. Apple Maps
  14. Google Drive
  15. Twitter

Source – http://bgr.com/2016/02/04/most-popular-smartphone-apps-facebook-google/

This is of course in addition to basic smartphone applications like making calls, messaging and so on.

So much money, so little apps

The question the typical smartphone user needs to ask himself is whether he needs an expensive smartphone to access a handful of apps that work just as well on his existing phone.

Will spending tens of thousands on a new phone make ten times difference to his mobile experience when it comes to accessing Gmail, watching YouTube, tracking Twitter and Instagram?

Is there a better option?

Is it possible that the smartphone user is missing out on better options that could have given him a similar mobile experience with respect to his usage?

In others words – is it possible for him to buy a more affordable phone that lets him do everything an expensive phone does anyway?

Insurance can also be affordable

Sometimes, life insurance is dismissed as a demanding option that requires the policyholder to pay expensive premiums year on year.

While this may be true for some forms of insurance, it is not inherent to life insurance per se. Individuals need to analyze the single most important feature they want to achieve by buying life insurance.And for most if not all insurance consumers this is life cover or protection, preferably at the lowest possible premiums.

The good news for this category of consumers is that there is a cheaper, more affordable form of life insurance for them. It’s called the term plan or term insurance.

With term plans, individuals can opt for a large cover at relatively low premiums. The insurance cover is more affordable and the family is better placed to counter financial uncertainties.

Much like the smartphone user who needs to be objective about his mobile usage and opt for an affordable option that is proportionate to his mobile experience, the insurance consumer needs to be clear about what exactly he wants from his insurance policy and buy the insurance plan that best fulfills his need.



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