It takes a lot of time, effort and sweat to create a legacy. It often happens over generations where parents and children contribute in succession. This is why a family always prides itself on its legacy and protects it fiercely. Legacy also brings you comfort, hope and prestige. However, maintaining a legacy is just as important as creating it, and often, with the unexpected death of a key family member, the legacy begins to crumble. To avoid this from happening to your family, you must consider investing in a large term cover, such as a 5 crore term insurance policy. Read on to know more.
What is family legacy, and why is it important?
Family legacy is nothing but the wealth and reputation you build up over the years. As stated, it was sometimes built over generations. Your grandparents may have started a small business, which your parents nurtured and made more successful, and finally, you made it a huge company that flourishes today. As a result of this, you are wealthy and have a luxurious lifestyle. Your family members are used to a certain way of life, which requires good financial support. Your firm is also well-established, but you need to put in a lot of effort to ensure it keeps running.
How does term insurance secure your family’s legacy?
If you suddenly die, what happens to your family’s legacy? Who pays for everything to keep running smoothly? At such a time, a large term cover, such as an INR 10 crore term insurance policy, helps a lot. Here are some reasons why:
- Helps keep the family’s needs in place
As a family with an impressive legacy, you are quite used to living in luxury. Your kids go to the best private schools, you live in a large house in a posh neighbourhood, you have helpers around the house, and you go on vacations every few months. This is an ideal life, and you would surely want your loved ones to continue living this life, even if you die unexpectedly. To ensure they always have the financial support to do so, you need to invest in an INR 5 crore term insurance plan. After you are gone, they can use the proceeds from the term plan to pay for their expenses and live a comfortable life.
- Helps run the company
Your premature demise may lead to many uncertainties in your company. Your children may be too young to run the show, or your spouse may not have sufficient experience to make the right decisions. Hence, a strong and qualified team will have to be recruited, for which a lot of money will be needed. Get a large cover, like an INR 10 crore term insurance plan and keep the business running, as that is extremely essential to protect your family’s legacy after you are gone. If the business begins to crumble, so will the legacy, so take action before it is too late.
- Helps clear debts
Even with a successful firm and a happy family life, you may have some debts. You must be managing your debts well, but what would happen if you die suddenly? Your family will struggle a lot to clear the large debts, and the burden may start to weigh on the family legacy. This is why you need an INR 5 crore term insurance policy. Keep your entire debt liability in mind when calculating the sum assured, and you will get proper coverage.
- Helps keep the reputation intact
Legacy and reputation go hand-in-hand. However, if your family starts to lose the legacy, the reputation may be lost as well. Imagine a situation where your business is shut, your family is forced to move into a small home, and your kids have to be sent to a different school. Would that be a nice situation? Well, certainly not, and this is precisely why you need an INR 10 crore term insurance cover. Your death will be a huge loss for your family, but having a financial backup will make their life easier.
Conclusion
As you can clearly see from the points mentioned above, a large coverage, such as INR 10 crore term insurance, is very important to protect a family’s legacy. If you are one of the main contributors in your family’s financial wellness, ensure you get a good cover, like an INR 5 crore term insurance plan and create the protection required. There are some excellent term insurance plans available from leading life insurance companies in India that help you to achieve your financial objectives. Explore the options and find the plan that is best suited for you and your family.
