- 28 SEP 2016
How Do People Protect Their Family From Financial Insecurity Today
A crisis can erupt any time in life. The illness or untimely demise of the breadwinner are events that cause financial insecurity. When you are critically ill, you may need money for the treatment as also to compensate for the loss of income in case you have to undergo a long absence from work to recover. Your untimely demise may cause the financial make-up of your family to go haywire. This is the period when as Murphy's law suggests, everything that can go wrong, does go wrong. These events come unannounced and seldom do they give a warning before coming. When they come, they disrupt your life and throw it out of gear.
How Does A Critical Illness Affect You Financially?
Apart from denting you physically and also perhaps emotionally, a serious cause of concern is the financial disruption that a critical illness causes. Everything may seem good, but suddenly one day you may get a squeezing pain in your chest and the doctors may diagnose you as suffering from a Coronary Artery Disease(CAD). How do you deal with it? By having a surgery performed through the Coronary Artery Bypass Grafting(CABG) method. Now, this may cost a lot of money. If you are covered by a mediclaim policy, you may be able to take care of the hospitalization expenses. But what about the expenditure that a mediclaim does not cover? What about the loss of income that would occur if you have to take rest at home and not go to work for 3-4 months?
Death Of The Breadwinner
When the breadwinner of the family passes away, it leaves a big void emotionally, and also financially. The emotional wounds may heal over time, but what about the financial repercussions? You have your children's fees to pay, your home loan EMI's, your maintenance expenses and many other such things.
A Comprehensive Protection Plan
For events like these that cause a lot of financial insecurity, you require a comprehensive protection plan. Edelweiss Tokio Life – Total Secure + is such a plan that financially protects you from upto 35 critical illnesses and also gives your family the assurance of financial support when you are not around to support them. A term plan with a comprehensive critical illness cover. This plan ensures that you receive a lumpsum amount on being diagnosed with a critical illness. With most critical illnesses covered, you can be rest assured that both you and your family are protected against any major financial insecurity in life. You also have the option of selecting the manner in which your family would receive the death benefit. It could be lumpsum or regular monthly income. In regular income also, you have the feature of choosing between level income or increasing income, where the payout increases by 5% p.a. every month.
You cannot do much to prevent events that are outside your control, but you can take steps to prevent it from disrupting you and your family's life financially. In the process, you are ensuring that your family is financially secured and prepared for any kind of unfortunate event. Generate a quote today and find out how to protect your family from financial insecurities.
- 18 JUN. 2018
Fighting critical illnesses financially? Yes, it is possible!
Health expenses have increased drastically. A basic health insurance policy that pays hospitalization bills is a must-have. Let’s assume you have sufficient individual health insurance cover of at least Rs.5 lakh , your hospitalization will be taken care of. But do you think it will be sufficient to provide cover against critical illnesses like cancer, heart disease, chronic kidney disorder, etc?read more