Are you ready to DIE tomorrow !!!!!!!

No one wants to die but are we not leaving our Dreams to Fate....

Birla Sun Life launched the One-Two One-Two Advertisement...Once again another Insurance Company showing just how in a matter of seconds the inevitable might happen...

The ET Wealth of 07th November, 2011 also had a Detailed Analysis of how Indians are Under-Insured. The Economic times also recently published a report about how Net-savvy Indians are lapping up Online Term insurance Plans.

Are you adequately Insured ?????

The Welfare of your family and dependents is undoubtedly your responsibility and you have been earning to ensure that your absence from the scene does not adversely affect their future. So, sooner than later, you will need to insure not only yourself, but also you need to keep them in the loop.

Once you decide to buy life insurance to protect your family and dependents, you’ll need to figure out how much to insure and how much you can afford to. The idea is for your beneficiaries to be able to maintain their standard of living, without having to dip into the principal.

Some say it is best to buy about 8 - 10 times your current annual salary, but the best way to determine how much, what you will really need to do is some calculation. Basically determine your yearly household expenses, assets, income from all sources and debts if any. Most of the time people take assistance from the professionals in decision making. So figuring out how much insurance you require is more important than the type of policy you purchase. It means you have to make more efforts to gather the information you need and calculate the following:

Annual income 

It is the amount your dependent will need to maintain their standard of living as of today. This should be enough to cover your rent or mortgage, home maintenance and repairs, home improvements, household items, and real estate taxes and insurance. It should also include health and auto insurance, utilities, clothing, food, transportation and auto maintenance costs, plus child and dependent care, recreation and entertainment, and any other expenses they might have.

Income your dependents will have when you are gone 

This will include your spouse’s salary if working outside the home and investment income from all of the accounts you currently have. Do not include the insurance proceeds as income here.

Deduct annual income from dependents income and you will have determined how much more they will need to live comfortably. That gives you the amount of insurance you need for them to live when you are gone, without compromising on the quality of their lives.

More importantly dont treat Insurance as a tax-Saving instrument or an Investment tool......the kind of Inflation which we are experiencing ....We have Mutual Funds for it.....Insurance is not for you, it is for your family in case INEVITABLE happens.....

So are YOU ADEQUATELY INSURED such that your family is financially safe even when you are not there......

THINK AGAIN .......