Now you might ask this question – Where is the link between a business entrepreneur & financial security? Well, whether you maybe a private individual, business person & a salaried professional? All need to have some backup plans when things go wrong.
When you are considered to be the key person for the success of the company then it’s likely that your daily life is dealt with heavy amounts of tensions, lots of travel and other reasons that lead to negligence to health or risk to life. Surviving through these difficult stages is of course good but what if anyone becomes totally disabled for an extended time period, or worse, dies prematurely?
From time to time, every entrepreneur needs to adopt financial schemes that provide a lump sum amount of money that supports to your family and this is worth the investment. But, many financial companies offering several attractive schemes, one is bound to get confused. So, how to insure my life?
I really looked into this and came to know what is required – Saving, Safety, Support. We need to invest in a company or plan that is safe, a plan that provides savings and a plan that provides support to our family.
I say, let us take 3 simple plans for investing properly in financial schemes– A health plan covering entire family in case of health disorders. A term plan that gives a lump sum to my family in any case of calamity leading to demise. For, savings invest in monthly SIP or mutual funds for a period of more than 10-15 years.
The other day when someone asked me how much term insurance one should talk then I had suggested them to take it for more than 1-2 crore.Hearing this, he laughed & asked why to take such big coverage. Then I simply popped in this Question – After 25 yrs, what will be the net value of that 1 crore? Got no answer. Can you tell me? Investing properly in financial schemes always benefits in the long run.
