Hiding facts while taking Medical Insurance can be costly

Hiding facts while taking Medical Insurance can be costly

When you take a medical Insurance for you or your family you are often asked “Do you have any pre-existing diseases or any family history for any disease”. Many of us without giving a thought say “No we are hail and hearty”. There could be various reasons due to which people say so viz. the fear of not getting the policy or fear of paying a higher premium or sometimes out of ignorance of its consequences. Continue reading

Financial Safety Nets to Sleep-In-Peace

Safety Net

Have you ever seen the trapeze acts in the circus? Trapezes are those acts wherein artists swing in the air and do breath taking stunts. Are these acts not risky or these people belong to some other world? These artists are normal people like you and me and believe me the acts are also very risky. But what lets them perform these acts fearlessly is the safety net placed below them. What if there is no safety net? Either the artists wouldn’t perform or the performances would not be upto the mark. The fact that there is a safety net to protect them in case they were to fall helps them to overcome the fear of falling and motivates them to perform to the best of their abilities. Protection enables these artists to take higher risks. Continue reading

Emergencies don’t knock the door!!!!

Emergency Fund

Emergency Funds- The moment we hear this, it reminds us of our Savings A/c; isn’t it??? Most of us often confuse our Savings A/c with an emergency fund and hence believe that our savings a/c is our emergency fund.

If I go by the literal meaning of Emergency Fund – “It is that cash that one saves for the sole purpose of helping him/her maintain a normal life in times of unforeseen emergencies”. Now tell me – “Is it justified to call Savings A/c an emergency fund?” We use savings account for both our needs and wants whether it be our daily living expenses or shopping or entertainment expenses. And as the month end approaches, in most cases the balance in savings a/c tends to get to its lowest levels. Continue reading