How do I secure my family's future?How do I secure my family's future?2020-09-18
In India, the breadwinner’s affiliation towards his family’s future is very strong with even the most ambitious of professionals placing the family’s well-being and financial security above everything else.
To someone who spends the better part of his day working to provide comfort and luxuries to his family, financial security might seem redundant as he is already providing for the family’s finances.
The question that needs answering is whether the family has the financial resources to maintain the current standard of living if something happens to the breadwinner?
Not surprisingly, they aren’t confident that their family members will have the same lifestyle tomorrow when they are gone and the family’s finances dry up.
So how does the individual plan for the family’s future in his absence?
Life insurance is a convenient way to provide for the family’s financial security, especially if they are 100% dependent on one person for finances. No matter how old the individual or advanced in his career and profession, life insurance can help him and his family, achieve financial security.
There are two primary ways through which life insurance can provide for the family in the breadwinner’s absence:
- Protection plans or term plans
Term plan is the cheapest way to insulate the family from a financial shock in case of an eventuality to the family’s provider.
- Endowment plans
The endowment plan is an investment plan that helps build savings over the long-term which can double up as an emergency fund for the family in the provider’s absence.
Not just the family as a unit, life insurance has something for every member and can help plan for just about every milestone and eventuality.
There are child insurance plans for the child’s education and marriage. woman insurance plans for the wife or daughter. investment plans that help build a corpus for a house or a car. Health insurance policies for cover on contracting a debilitating illness or disease and pension plans to generate post-retirement income.
Given the critical nature of the product and its multi-dimensional applications, it is not a question of 'if', but 'how much' life insurance you should be taking to secure the family’s future.
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