Set your financial life in order to avoid problems for dependants
A new study has shown a spike in the mortality rates in the 45-54 age group in India. Here is what you need to do at the earliest to avoid problems for your dependents,
- Store passwords
For most of our financial transactions such as banking, income tax returns, utility bill payments, insurance premium payments and other investments we use passwords. Make a hard copy of all the usernames and passwords and put it in a locker. Keep your spouse in the loop.
- Appoint nominees
Appointing nominees for your bank account, insurance policy or for other investments makes the process of passing on benefits or assets very smooth.
- Buy a critical illness cover
It’s important to not just have health insurance, but also a critical illness cover because of the rising rates of illnesses like cancer and cardiac diseases. These plans provide a lump sum on diagnosis and funds for long-term treatment.
- Complete your paperwork
First, prepare a will and next prepare a list of all acquired assets, ongoing investments, and liabilities.
- Cover your loans
Big loans such as home loan could saddle your dependents with a huge burden after your death. Make sure that your life insurance covers all your loans as well.