“World’s longest bridge is 4000 m across the sea and can
withstand an earthquake of magnitude 9”.
“Chinese bamboo trees expand its roots for 4 years without
any growth above the surface and shoots to a height of 80 meters in the 5th
year”.
If we take the example of bridge, it takes years to build,
with tones of concrete and steel bound together. A bridge is build over rough
terrain, unbalanced surfaces and is made to suffer harsh weather. Yet a bridge
never falls on the itself. It holds itself together and connects our world. It
stands strong and unshaken. A bridge…
lives on because it was built strong. It’s foundation and planning makes all
difference. A bridge represents our life. Without a strong foundation, the
uncertainties of life can take away all the happiness and security we wish to
offer our loved ones.
Importance of solid foundations
at different stages of life
Foundations laid down during the earlier stages of life will
secure the well being and progress that unfolds in the later stages of life
since, From Birth to Death, an
individual has to cross different stages of life as follows:
Ø
Birth---- ---à
Ø
School
Ø
Birth + School
Ø
Birth + School + Career
Ø
Birth + School + career +Marriage
Ø
Birth + School + Career + marriage +
Retirement-----------then-----à
Death
One should ask themselves the following questions to know exactly where they
stand as of now.
a)
Have you saved enough?
b)
Are your loved ones financially secured?
c)
Do you see most of your aspirations come true?
d)
Will your family be all right in your absence?
As you answer these questions, you might realize that many
dreams are still in the making. And many more, have not yet come to pass. The
following are the dreams, most of us got in general:
Ø
Children’s needs like higher education,
Marriage.
Ø
Personal needs like a Better lifestyle, Family
vacations, Health expenses
Ø
Future needs like having a dream Home,
Retirement savings, Car purchase etc..
But the point is “WHAT
WILL BUILD A STRONG FOUNDATION FOR TOMORROW? “
It is very important to build a solid foundation and plan
for uncertainties & future income. It is good to review dreams in the wake
of uncertainties. An uncertainty may cause you a loss of income or wealth, and
bring your dreams to a standstill. It is important how one is prepared to face
the same? The following questions will make better understand of the topic.
Ø
How will you meet your daily expenses?
Ø
How will you pay for your child’s education?
Ø
How will you pay for your home loans?
Ø
How will continue with your life style?
Ø
How will you match your financial goals?
There are circumstances which are unavoidable in nature that
affects your family’s financial future. Your income may be impacted by any of
the following events:
1)
Premature death: Results in total loss of
income.
2)
Accidental Disability: Reduces your chances of
employment & hence income earning capacity.
3)
Critical illness: Puts you off the job for an
indefinite and may consume major chunk of your income and savings.
4)
Hospitalization of you or a family member:
Consumes your income and savings drastically.
Protection is the foundation of your family’s financial well
being. Your dreams can stay protected and in time come true, if you plan for
all contingencies today. By protecting your future, you take the first step to
laying a strong foundation for you and your loved ones. Protection needs
differs for different stages of life. The below given example make better
understanding of the same.
Ø
Age 25-35( Young & Single)---à a) Saving for wealth creation : Life
insurance & Disability riders
Ø
Age 30-40(Married)----à a) Home Purchase b) Financial
Millstones (buying a Car) : Life
insurance - Mortgage protection
Ø
Age 35-40(Married with young children)----à a) Saving for
children’s education /Marriage : Life insurance -Health Insurance.
Ø
Age 40-50(with Grown up children)---à a) Start Saving for
Retirement b) Health Care c) Mortgage Insurance: Life insurance-Health
insurance.
Ø
Age 55+ (Retired) -----à Retirement Support Medical
expenses.
You can invest in a protection plan and the cover will
depend on your age, income, immediate & ongoing financial commitments,
liabilities and other planned milestone expenses. The following equation will
help explain this better:
Current Monthly expenses (Rent, Food, clothing, school fees,
etc..)With assumed inflation rate + Outstanding Loans (on mortgages, auto etc)
+ Future Milestone Expenses (child’s Higher education, Marriage etc.) - (Minus) -
Existing Insurance + Current savings.
All insurance plans offer a life cover. It’s prudent to go
for higher life cover that helps in building a solid foundation. A Term
Insurance plan:
a)
Provide lump sum amount which can be used
to take care of regular life style
expenses, life stage based goals, purchase of assets or payment of any
outstanding loans.
b)
Offer the option to take certain money as income
for certain period.
Accidental Disability Riders: Offer lump sum amount in case
of disability due to an accident.
Critical Illness Protection Riders: Offer lump sum amount in
case any of the critical illnesses diagnosed with.
To avail complete benefits and build a Solid Foundation for
your family’s financial future, Term insurance plan with Accidental,
Disability, dismemberment & Critical illness Riders is the best solution.
Disclaimer:
The information given above are the result of personal readings of related
genuine documents and personal understanding of the subject matter. This
is written to make the readers understand, how it is importance to go for Term Insurance plan . However,
this blog is not responsible for any error or inaccuracy in the same.
Do mail/call for services
of Term Insurance plan
Ravi Kumar
Sr. Sales manager
ING Vysya Life Insurance
MG Road, Bangalore-560001
Email: ravi.kumar5@inglife.co.in
Cell: 9844519872
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