The biggest fears one can have in life is losing a job, suffering from a disease, meeting with an accident, etc. None of these are completely in our control. But one can at least be prepared to face any such unexpected situation in life. Below are few things that can be controlled to be financially prepared in life.
Buy A Term Insurance Plan: As per the data from the National Crime Records Bureau, more than 40% increase in accidental deaths is recorded in 2015, when compared to 2005.
A term insurance plan is the best way to help your family lead a life with dignity and comfort, even after your demise. Just not death, when one encounters a fatal accident, life changes and may not allow one to lead a life like before. Because the consequences that follow an accident would be totally unpredictable. One’s financial and social position may change, drastically. An accident cover can help you and your family from shattering, financially, in such a situation.
Buy A Comprehensive Health Insurance Plan: The unhealthy and stressful life increases the chances of life-threatening diseases early in our lives. And with an exponential rise in healthcare costs, a comprehensive health insurance cover is the need of the hour. Buy a health insurance policy as early as possible in life to enjoy low premium costs, and to exhaust waiting periods when young. Thus, you and your family can achieve the required financial support during an emergency, besides helping with tax savings.
Build An Emergency Fund: Ensure that money is the last thing to worry about during the stressful times of emergencies. An emergency fund helps you avoid any financial disaster that could arise because of an unfortunate event in life. Build an emergency fund that can withstand at least 3 to 6 months of expenses. Also, remember to park the amount at the channels that offer liquidity.
Thus, one may not control all the events of life, but at least be prepared to face emergencies by controlling a few things in life. Get the right insurance kitty that offers the suitable benefits to meet all your unexpected money needs. Do the right things with your money at the right time. If you feel that your family cannot handle a large amount of money received on death.