Having a financial plan and moving ahead aggressively towards goals is not enough and does not serve the purpose. Check if you missed or thought of delaying these 3 crucial financial decisions, which are not worth neglecting. Set your financial life In order so as to lead a secured financial future.
Have You Appointed Nominees?
Appointing nominees may not seem important to some people, as they consider it dispensable. But, appointing nominees helps smoothen the process of passing on benefits. So, mention your nominees clearly while opening any account like bank accounts or buying policies or making investments like mutual fund investments. Appointing a nominee surely reduces the emotional trauma during unforeseen cases. Also, store all your passwords and user names of your ATMs, net banking, email, mobile banking IDs, and social media accounts. Do not forget to keep your spouse or hires informed.
Do You Have A Critical Illness Cover And A Term Plan?
An emergency fund and medical insurances can take care of one-time hospitalization costs but are insufficient to deal with a critical illness. So, be well-prepared and plan beyond just medical insurance. A critical illness cover should cover illnesses like cardiac and cancer care to deal with the rising health care costs.
Also, get a term plan that covers all your liabilities so that huge loans like a home loan does not become a burden on your family if you expire. Ideally, a term plan should be 8 to 10 times your annual income to take care of the future and well as the daily needs of the dependents.
Did You Make An Estate Plan?
Estate planning is one of the most crucial tasks that cannot be neglected. Make a Will that mentions your legal hires. Everything is digital these days, so can be your estate planning. Make an E-Will for estate planning. Making an online ‘Will’ is secure, time-saving, and easy, unlike traditional Wills. Get more information about E-Will from online providers like ArthaYantra – World’s Only Full Service Robo Advisory.
In conclusion, do not neglect these basic, yet very important financial decisions, which may function as game changers. Make a personalized financial plan and set your finances in order.