Are You Financially Prepared To Face Emergencies?
Many of us do not think about meeting emergencies. During normal circumstances, we do not need a few things. Only during an emergency, we regret having missed taking precautionary measures. Check the below list and find out whether you are adequately prepared to meet all the following situations:
Natural calamities: Natural calamities like hurricane, flood or earthquake has become a common happening these days. Due to global warming, any part of the world is subject to these risks. If you are living in a coastal area you are prone to the danger of seas and wind speed. If you are living near rivers, you have to bear the brunt of floods during heavy rains. Adequately insure your assets like house, car etc. from these natural calamities. It is not possible to prevent calamities. But insurance can at least give you the monetary compensation to repair the damage incurred to these assets. It is always safe to get the assets related to your profession insured. Say if you own a mechanic workshop, insure the machines so that you can restart the business post-calamity at the earliest.
Hospitalization: Get adequate medical coverage for your entire family. Even if we exercise, eat healthily and stay fit this is mandatory. In this world of rush, there is a constant threat of accidents. Surgeries and resulting medication are expensive. Especially ensure that the breadwinner has more medical coverage.
Sudden demise: The most unexpected event in the life of an individual is death. So, ensure that the family’s means to live is not affected due to deaths. Apart from life insurance, you can invest in cryptos to accumulate more money. Never think is it safe. Wise investing decisions will always tide over the family from financial difficulties in the event of death.
Theft: Keep valuable jewels in the bank locker safely. Ensure that you have a backup of important documents stored at home. Keep contact numbers readily available with you so that hot listing of credit/debit cards is done immediately.
Other precautions: We store various important documents like property agreements, ID proofs, licenses, bank deposit receipts, insurance policies etc. at home. Keep the documents in fire and waterproof locker. Ensure that you have registered nominations for all your investments. Ensure you take immediate steps for rectifying mistakes in financial documents like name, address etc. In case they have an expiry date, renew them and keep them live.
Tax issues: People never sleep peacefully on the fear of tax issues. Take preventive steps to keep the records correct and organized.
Besides store the important phone numbers. Share the details to another family member other than self.