Whenever a breadwinner of the family meets with an untimely demise, the family goes through a traumatic and stressful time, not only emotionally but also financially. There are a lot of expenses that you were taking care of that need to be now taken care of by your spouse.
Arranging for a loved one’s funeral is no doubt an emotionally draining event, but can be financially draining too. With relatives coming over and a lot of rituals that have to be practiced in the next fortnight or so, it may put your family under financial stress. They can be relieved of a little bit of the financial stress if they have a financial back-up like a term plan which gives them a fixed pay-out in the event of your untimely demise.
Children’s school and college fees
Children need to continue with their education. If you were the lone breadwinner, your family will be left with no income in the event of your demise. This will put your kid’s education in jeopardy. Their need for education can be secured with a term plan like Edelweiss Tokio Life MyLife+..
In case you have a home loan running, the EMI’s need to be paid regularly. Your unfortunate demise will not waive off the loan in the books of the lender. This is another expense that will bother your family.
If you have old parents, taking care of them may involve shelling out a lot of money for paying their medical expenses. The trauma of your untimely demise may make them all the more vulnerable for some kind of health problems like increase in blood pressure, stress related anxiety attacks etc.
Life for your family has to go on. For the same, they would need money to take care of their life expenses. Buying groceries, paying for the cooking gas, maids etc requires that there is a steady cash flow.
Utility bill payments
Electricity bills, phone bills, society maintenance charges etc need to be paid on a regular basis. These expenses cannot be postponed for a further date. These may also burden your family.
Opt for a term plan like Edelweiss Tokio Life MyLife+ now so that your family has financial arrangements for the expenses that may burden them on your untimely demise.