Making a Will is good financial hygiene and just as important as buying a health cover for you and your family. Together, the two are truly a match made in risk management heaven. Here’s how:
- A health cover protects you and your family against unforeseen illnesses and accidents. A Will documents your wishes so your assets are faithfully distributed as per your wishes to your loved ones after you’re gone. Ultimately, both provide financial protection to you and your loved ones.
- For a health cover, you need to select the appropriate plan/subscription based on your needs, while with a Will you need to draft it out clearly and appoint important people like an Executor, Guardian, Witnesses, and, of course, Beneficiaries. So yes, both need appropriate preparation and planning.
- Both change at regular periods as per your needs. A healthcare plan should be updated based on factors like your age and number of family members, while a Will needs to be updated each time your situation changes. Some common examples of this are when you get married, divorced, have children, buy a house, or acquire/sell an important asset.
- Both offer peace of mind to you and your family. Having a health cover can give you peace of mind in terms of medical expenses, while a Will gives you and your loved ones peace of mind, knowing that they’re protected in your absence.
To sum up, both choosing the right health cover and making a Will are essential components of your comprehensive financial plan. By ensuring that you have appropriate health coverage and that your assets are protected through a well-drafted Will, you can provide protection and peace of mind to yourself and your loved ones.
Check out Yellow’s Resources section at https://getyellow.in/resources for some super-useful content on succession planning.
