Most people never like to talk about death or even thought about how was it like after they died and the people they left behind. However, we can never avoid the fact that life is full of uncertainties. We can plan our future as much and as elaborate as we want but ultimately, the decision is never ours.
I have never taken my future income backup into such contemplation until I became a life planner myself. I am one of those people who are more anticipate on the things that I will do and become in the future, rather than thinking what will my loved ones have to go through in consequences of my current affair. Selfish, yes, I have to admit. Thankfully, I now know the importance of having an income backup especially to the people I left behind should my life been taken away for whatever reason.
Speaking of what is left behind, the first thing I thought about was my mounting debts and what could it cost my family. I started to ask all my creditors this question "What will happen to my current balance if I were to die today?". Most of them, are quite surprise of me asking that, and start having a concern about whether I am in some sort of sickness or something. But anyway, in the end, I have a clear view of what will happen, and I start to implement my plans.
Looking at my total debts and hardly have any savings to back up, I could only imagine the worst for my family if I didn't act fast. Well to start saving money in the bank to back up that much of debts was probably too late now. The only way that I could think of was to get myself insured with sufficient amount of sum assured.
How do we know is sufficient? Usually, life planners will assist us in our cash need analysis, taking into account not just our debts but also our monthly commitment required to maintain the current lifestyle. As our lifestyle changes or the more loans we took up, so will our insurance change. Therefore, doing policy review is another important thing that we need do to ensure we are well covered from time to time.