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Do You Have a Financial Backup Plan for Your Family?

  9/9/18 4:58 AM

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“I have always been a happy-go-lucky kind of a guy. I have a well-paying job, I’m married to the love of my life and I have a 2-year-old daughter. Life was completely different until our little angel entered our house. I was carefree and barely thought about financial planning. But post her birth, I instantly turned into a responsible individual and learned the basics of financial planning. After all, you need a well-thought-of financial portfolio if you wish to plan for certain financial goals, don’t you?” Sanjay said to his friend.

Sanjay further added, “After reading numerous enlightening articles, I was disciplined in chalking out my financial portfolio. But I still missed out something important which crashed down on my cognizance. And I realized this only when I lost a colleague of mine to sudden death. Though he had created a good financial portfolio, he failed to create a financial backup plan for his family. This awakened me and I thought to myself Even I didn’t plan a financial backup for my family. The lack of it disturbed my peace of mind.”

Amit, Sanjay’s friend, curiously asked him, “What according to you is a financial backup plan?”

Sanjay answered, “We all make grand plans for our future, whether it is purchasing a car, flat, an international trip or building a corpus for our child’s education, etc. But do we take into consideration any unannounced contingency that can occur and destroy our plans?

A financial backup plan for the family involves creating a fail-safe contingency plan which would not hamper our financial planning process even if any contingency strikes.

As much as we hate to think about it, anyone can fall victim to the curse of premature death and if the victim is also the sole bread-winner of the family, the financial doom becomes inevitable. We all plan for tomorrow but what if we are not able to see that tomorrow? Who will then pick up our financial responsibilities? No one. So, it becomes imperative to have a backup plan so that our goals are met even when we are not around.

In the absence of the bread-winner of the family, who will provide them with the required financial support? Will his children stop going to school? Or will they be deprived of a good future? Who would provide for the daily expenses incurred in maintaining the family’s lifestyle?

So many questions, what is the answer?

Obviously, a financial backup plan for the family. If we have a backup plan in place, our death will never be able to put a dent in the lives of our family as envisioned by us.

Just as backing-up of our files is recommended when we operate a computer or a mobile, a financial backup plan is also recommended when we operate our lives.

If you don’t want to take any chances you should take the first step that is you should buy a term plan. Protecting your family is the most important need of a person before everything else.

Edelweiss okio Life – Zindagi Plus is a pure protection-oriented plan which provides life insurance coverage at cheap premium rates. The term insurance plan promises the payment of a lump sum amount of money in case the insured (the person covered under the plan) dies during the policy term and in this way, you can save your family from future financial crises.”

Taking all the valuable insights from Sanjay, Amit decides to add a term plan in his financial portfolio without any delay.

Do you have a financial back up for your family?

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