’A financial plan can protect one from terror’

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: approach and view.

Zankhana Shah

She says, “The risk in this case first and foremost is of life. People are always worried about their families and more so after seeing such uncertain calamities. This outlines the need for the right amount of general insurance and life insurance, which people require. Especially at a personal level, life insurance is very important and necessary. This is more so due to the fact that in times like this, insurance cover maybe worth a lot more than equities that someone has invested in. Also, during an emergency, life cover offers the best protection for ones family.

Insurance is also a very essential part of a person’s financial plan and hence one should not sideline it ever. Life cover is relative and need-based, as sometimes the really rich may not need life insurance at all. However, financial planning is none-the-less important, especially for effective risk management. All uncertainties have a major financial impact in ones life and people should plan for these as best as they can.

Basic insurance policies to safeguard ones life, health and property are a must and should be prioritised over other investments.

Like I had mentioned earlier, the financial planning that one needs to undertake to best protect themselves and their family varies from person to person. Say in the instance of a businessman, choosing the right successor and naming the person in the will is very important. This will safeguard your family, business and property. Financial planning overall should be an ongoing process. Also, in the instance of wills and sudden death, the family member must be told whom to approach in case of emergencies. Whom to trust and who to turn to for advice, are as important as knowing the contents of a will for the family. While the recent terror attack was a wake up call for people, there are always dangers that are present in society and we should have started planning our finances as best as we could way in advance. Bankruptcy, suicide and family suicides are all bad.