9 NOV 2016
Securing against major crises
Everyone goes through various crises in life. This is the period when as Murphy's Law suggests, everything that can go wrong, does go wrong. These crises come unannounced. They disrupt your life and throw it out of gear. A critical illness is one such major crisis and death of the breadwinner is another one.
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 with 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 medi claim policy, you may be able to take care of the hospitalization expenses. But what about the expenditure that a medi claim 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 both of these crises, you require a comprehensive protection plan. Edelweiss Tokio Life – Total Secure + is such a plan that financially protects you from 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, it ensures that you receive a lump sum 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 secured against major crises in your life. You also have the option of selecting the manner in which your family would receive the death benefit. It could be lump sum or regular monthly income. In regular income also, you have the feature of hosing between level incomes or increasing income.
You cannot do much to prevent these crises from occurring, but you can take steps to prevent it from disrupting you and your family's life financially.
18 JAN. 2018
Benefits of Early Financial Planning For Parents
As a parent, you must know the significance of savings in daily life, but what about the future? As unfortunate events like death can occur anytime, you have to ...read more
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