Protecting your family financially | Fusion - WeRIndia

Protecting your family financially

Protecting your family financially

It is a very important task to protect your family financially. When you have a family, it is important to know of ways to protect them against any financial problems. Savings account is not the only way to ensure stability to your family’s future. Here are some ways you can help out.

Get a proper health insurance cover

When you face a critical illness, most of your savings won’t count for much. It is vital to have a proper insurance. A disease like cancer demands a lot of money. Get a proper medical insurance which will cover all the costs and covers all major diseases and dangers.

Have a nominee for every financial asset

Having a nominee means help in assigning a financial asset to someone. You decide who gets to be nominee for a particular asset and this will prevent any problems in claiming. Not having a nominee can lead to tricky situations especially in case of equity shares.

Write a will

Do not let your indecision lead to family disputes. Making a will is easy these days and it comes at low cost. The will prevents any disputes that can arise between family members.

Adequate insurance

Get a term live cover rather than an endowment insurance policy. Term life gives your proper coverage even though the premium paid does not return.

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