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Consider the worst case scenario while finalizing your insurance plan
Sedentary lifestyles, longer working hours, high stress levels, surviving on hurriedly eaten fast food… no wonder the age for heart attacks among office goers has come down to as low as 28 years!
Ironically, this high-risk segment of people often also constitutes the sole bread earners for the family. With the high cost of living, education expenses, home loan repayments, car loan repayments, just survival itself requires a minimum income flow every month.
In such a situation, imagine the plight of a family that has to deal with a double blow. On one hand, there is the emotional loss that cannot be measured.
At the same time, with the primary earner having departed the onus of running a household and looking after all the related expenses falls on the dependents who require at least some time to start shouldering the load. Unfortunately, this is time, which they do not have because the bills still pile up on the seventh of each month without fail. This is why the earning members of a family need to think beyond just tax savings and investments. They need to think very seriously about how their dependents will be affected in case any calamity should happen.
After all, a heart attack seldom gives warning signs and those that do come up are usually ignored. Heaven forbid, in case the first heart attack is also the fatal one, how do you ensure that your family will be cared for? Certainly not by 'investing' in life insurance plans that provide a maximum return. What you need to look at instead, are term insurance plans that enable you to get a larger amount of insurance cover at a reasonable payment charge, which can be comfortably sustained throughout your earning life.
That way, you know that even in the worst case scenario, your loved ones will have sufficient funds to help them tide through the crisis and meet the family's financial requirements.
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