We all are so busy in our hectic lifestyles that even as we keep thinking about our future, we don’t take adequate steps to safeguard it!
Only some of us have so called secured government jobs while the rest of us are either self-employed or working in private jobs in companies of varying sizes.
The common perception is that your company offers you mediclaim, it deducts salary towards provident fund and that way your future is secured. Is it really?
First of all, how many companies do that? Secondly, is it enough to cover for you and your family’s contingencies? Thirdly, how many people work in such big organizations that actually provide insurance covers?
The cold and rude fact is that only a handful of companies are big enough to take care of its employees to some extent since most of our workforce is employed in unorganized sector comprising of small companies, shops, show rooms etc. where there are no provisions for providing financial security of any kind from the employer’s side. What do you do then?
The answer to the question is that you have to take things in your hands, not only plan for your future growth potential in terms of career and personal life, but also to plan diligently on securing and safeguarding it from unforeseen risks and calamities. With the changes in the work environment, private jobs don’t come with a life time guarantee of uninterrupted employment. Also, in case of medical emergencies, no amount of money can be enough to smoothly sail over the crisis unless you have a planned back-up plan.
Let us offer you some suggestions on how to secure your future when you’re in a private job:
1) Start Early
The best time to start planning and acting on those plans is right at the moment when you start working. Buy a good insurance policy as well as a medical plan because at a young age, you can assure yourself of a big cover even while paying miniscule premiums! The insurance companies consider young age as less risky and are ready to offer best plans considering the potential of a young work force.
2) Short Term and Long Terms Plans
Always try to look far ahead in the future while keeping an eye on immediate tomorrow as well. That can help you to decide on your course of action. There are some insurance policies lasting couple of decades and some have shorter premium plans that you can exit from after just a few years. Based on your current and future requirements, invest in a diverse folio that can come handy in times of need.
3) Hereditary Diseases
Analyse your family’s medical history and if you find some hereditary diseases affecting your family members generation after generation, you better have to plan for it since there are good chances of you getting them sooner or later. A good medical plan that takes care of not just unexpected medical urgencies, but also potential health problems might cost a little extra, but are totally worth it if you consider the cost of treatment these days!
4) Family’s Future
Not only have you had to worry about your future, but also of your wife and kids’ security. In case of any unfortunate event with you, they shouldn’t have to either change their lifestyles or be in a situation where their entire future gets compromised for lack of funds. Make sure their education, marriage etc. is planned in a way that your absence doesn’t derail their life plans! There are multiple options when it comes to a child’s policy that takes care of their marriage and education in your absence. Make provisions in your monthly budget to invest in them. Also, in case of accidents where the main earning member of the family is left handicapped for life, there are policies that help in getting a substantial amount to at least run the kitchen!
5) Tax Benefits
Obviously this is the most followed reason for buying insurance, but not without its merits! Private jobs these days are taxable at a very rate and a major part of salary goes out as taxes. Saving in insurance not only makes you save some money for your future, it also can guarantee healthy returns in times of unfortunate events in life.
Planning to secure your future is your job, no one else’s. It is better to get on to it as soon as possible. Time is money, after all!