Thread by @VijuRavishankar

While we welcome the #NewYear as one among many to come, let me ask u this:

If a personal medical emergency strikes, will your loved ones know how to access the critical info on money, wealth, insurance u saved for them – esply coz U WILL NOT BE AROUND to guide them?- a 🧵

First, let’s talk about a couple of basics (not to be taken as professional advice)

1. Take a term insurance for yourself!

Having known the critical importance of life insurance personally, I can’t emphasize how imp it is as it will help your family to not struggle - (2/n)

for at least 6-8 months as they get another source of income ready.

If you are in your 20s/self employed (any age), take it immediately!

If you are in your 30s, make sure your employer has you covered (as you may suffer high premiums due to age)! (3/n)

Go for term insurance w/o money back and it will have fairly low premiums with high coverage.

You’ll benefit financially only then as u ll need to factor in inflation impact

Remember: Insurance is NOT AN INVESTMENT PRODUCT), it is to insure your family's financial stability!

2. Take medical insurance for yourself, parents, spouse and kids.

You may check if this is already covered by employment of course, but if self-employed, do hurry and take one.

3. Now that the basics are covered, it would be absolutely useless to do the above, if your loved ones DO NOT KNOW where and how to access them.

Most of us assume we will be around forever, which is not wrong, but it is also important to plan for the worst case outcome.

You may do a lot for your family, may have multiple investments on various platforms, may even have loans/credit cards. It is ABSOLUTELY IMPERATIVE that you document this diligently and update them annually at least so that they can access it even when you are not around. (7/n)

Struggling to piece information that we left off can be an added pressure in emergency situations. So here is what I did:

- Take a file exclusively for this, store all the below data in a written and manual form
- Phone no.s of your office HR, office LM & colleagues (8/n)

- How to access your office’s insurance contacts/site details
- Bank statements, Netbanking info with passwords, ATM card details with PIN no.s
- Voluntary insurance docs if any
- Details of all investments with passwords to access them
- Income tax login details (9/n)

- Details of wealth owned: property, gold and how to access them
- VERY IMP: details of loans and credit cards. Some evil souls may try to exploit your family’s ignorance about ur debt situation so definitely document this honestly!(10/n)

Store the above in a safe place, explain to yur family, make copies and give it to siblings as well.
I don’t recommend soft copies of such sensitive info, too easy to be hacked
Also, if you have kids, do consult a lawyer and make a will - will make things much easier later (11/n)

I know all this sounds very morose, but while we learn to live in the present, for our loved ones’ sake, it is EXTREMELY IMPERATIVE to ensure their well being if/when we are not around.

So spend some time & do this! You have no idea how useful this will be during a time of need!

Do add in more points which may be useful to me/others!

This was just a PSA to help the people we love, when they need it the most; I just felt we don't share such info with our loved ones as much as we should.. They'll thank us more for this.

Fin. ♥️

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