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What Are Your Top Three Financial Fears?

top three financial fears

What Are Your Top Three Financial Fears?

 
Financial fear is the fear of facing a financial crisis at a time when you are ill-prepared for it. Such fears
usually arise due to lack of financial planning at the right time, and can be telling on your mental as well
as physical health. Hence, face your financial fears confidently and take proper measures to tackle them
at the earliest. Planning your finances on time is essential to leading a financially stable and secure life.
The top three financial fears which might trouble you at some point of life
Here, we have penned down the three most commonly faced financial concerns in no particular order:
1. Who will support your family’s finances when you are no longer there?
Have you ever thought that if something unfortunate happens to you, how will your family
manage their expenses? With untimely deaths due to accidents or health disorders on the rise,
you certainly cannot gamble with the future of your family.
What should you do?
If you are the only breadwinner in the family, then it is imperative for you to secure your life
with a life insurance policy. A life insurance policy takes care of the finances of your family in the
event of your death. Premiums are to be paid throughout the policy term in order to avail the
benefits at maturity or in case of death. Term policies only provide death benefit but in other
policies like endowment, ULIPs etc. maturity benefits can also be availed.
 
2. Not having enough savings when you retire
Funding your retirement is another financial issue that keeps you up at night. Retirement
planning has become the top priority for every person as soon as they reach their 30s.
Furthermore, plan for your retirement with the objective to build a retirement corpus that beats
inflation. At the same time, keep the skyrocketing healthcare costs into consideration while
saving.
What should you do?
Irrespective of the age you are at, start saving for retirement as it is best to invest in a
retirement plan at the earliest. Retirement plans are usually of two types: deferred annuity and
immediate annuity. Depending upon your personal requirements, invest in a retirement plan
that caters to your need in the best manner.
 
3. Becoming bankrupt paying your medical bills
You are bedridden due to an acute illness and this illness is steadily eating up your savings, what
impact does this thought have on you? Horrifying, isn’t it?
“Health is wealth” and if your health is not fine then it is surely going to burn a hole in your
pocket. Eventualities of an illness on the physical front cannot be predicted but those on the
financial front can sure be taken care of.
What should you do?
Put your trust into a health insurance plan which takes care of the financial consequences
arising from an illness. A health insurance plan provides financial aid to meet the charges
incurred for treatment and hospitalization of an illness.
To expand on it, here’s what a health insurance policy can cover: -
1. Pre & post hospitalization medical expenses
2. Room rent expense, including hospital registration/ service charges, etc.
3. Nursing expenses and medical practitioner’s fees
4. Coverage for ambulance charges
 


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