4 things you should do today to keep your family safe!

By BankBazaar | December 5, 2014

Family protection

Life is full of surprises and uncertainty. While a man does his best to keep his family safe from any eventuality, there is no escape from the uncertainties of life. One must always live with his head held high, in positive spirits believing nothing wrong would happen but should also be prepared for the worse at all times.  Keeping the family safe in a period of turmoil must remain the top priority for each individual.

Let us look at the four essential steps one should take today to make sure the family is kept safe and secure even in case of an untoward or unfortunate incident.

  1. Opt for Health Insurance:

Medical emergencies can happen to any one of us irrespective of age, physical fitness and gender. The rising costs of medical treatment means that a health insurance policy has become an essential protective instrument for every family. There is no denying the fact that a person without a health insurance policy is walking the tight rope which can lead to a huge hole in the pocket in case of any medical emergencies.

Working individuals who are covered by their employer’s group insurance policy often do not understand the need to take up an individual health care policy. Having an individual policy apart from the group insurance policy is essential as it keeps the protective cover during any period of job change or sudden red slips.

Before finalizing any health insurance policy, it is imperative to understand that no health insurance policy covers any pre existing diseases unless specified.


  1. Keep Savings in the Name of Your Children:  

It is always a good idea to invest some part of your savings directly in the name of your children. Such a move can have multiple advantages as firstly it allows users to create a dedicated financial corpus for children that can be useful for their future needs like education and marriage and t don’t get mixed up with your retirement planning.

Another big advantage of saving in the name of your children is that should anything happen to you during the course of the investment period, the bank or the underlying financial asset would take care of the savings and offer a substantial sum to your child once he or she attains adulthood.This is because, if you are having big liabilities like a home loan, your personal savings will be eaten up by the bank in such unfortunate events.


  1. Check your Coverage:


Life insurance is a wonderful tool to create a cushion as far as financial perspective is concerned to counter any unfortunate incidents. Life insurance policy is a perfect financial product that offers safety for the dependants and family members of the insurance seekers. Life insurance is significantly important if in case you are the only earning member of the family or the main bread winner.

Of course you might have invested in life insurance. But is your coverage sufficient for your family? Take a review today. If you feel that it is not sufficient, consider buying one without delay.


  1. Safeguard your Home:


The rising costs of real estate and property along with payment towards home loans with rising interest rates have meant that buying a home remains a major challenge. A lot of people are either unaware or ignore the importance of having a home insurance policy. Home insurance provides a protective cover against any theft or loss of expensive and valuable items at the home, making it worth its weight in gold. Ask the significance of home insurance to someone who has lost out a huge chuck of money in case of a fire bringing down all the exotic interiors and valuables at home.

Estimating the right value of your property and its contents is one of the best tips to get a substantial insurance over. There are a wide range of home insurance covers available in the market. Before opting for any home insurance plan one must always make sure that it offers substantial protection to the physical structure of the house, the expensive content as well as the people residing in the house.

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