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Importance Of Term Insurance Plans For Home Owners

  5/19/17 6:57 AM

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Meet Piyush and Sonali Gadkode. They have been married for two years and have an eight month-old son. Piyush works as an analyst at an IT firm and Sonali is a kindergarten teacher at the local school. They don’t make much but it is enough for them; they are a middle class family with middle class needs. They know where they stand financially and even with a family income that doesn’t leave much to savings in today’s economy, they manage to save a little here and there.

A couple of weeks ago, a close friend of theirs had died in an accident involving a truck collision. He died on impact and left behind a grieving widow and a three year-old daughter. He was all of thirty-one years old. His wife was struggling to keep up with the funeral arrangements when she had gotten the biggest shock of her life: her husband had taken two loans, one for their house and one for their car. She was at a loss as to how she would repay the banks; she was a homemaker and her husband had worked a job that didn’t pay much. They had been struggling to make ends meet even before he died. The grieving widow didn’t know where to go; she had a toddler to look after.

This situation had shaken Sonali to her very core. Never had she ever given a thought to waking up to a life without her husband by her side. He was her pillar and imagining a life without him was akin to being suffocated.

Sonali shared her fears with husband and spoke to him at length about ensuring that their child was taken care of in case anything happened to either of them. Being a wife and mother, she was very anxious about the well-being of her family since she had seen that a single accident could tear them apart. They took it upon themselves to provide for their son and strive for his happiness, both in their presence and absence.

No amount of money can replace you, but even a small decision through financial planning can mitigate your family’s future troubles. Isn’t that what we always want a smile on their faces? Why burden your family with financial problems when you’re not there, if you can take care of that problem today? Buying Term Life Insurance Cover in such conditions is the ideal option.

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