Monday, June 21, 2010

Coverage All Around

I happened to chance upon a magazine yesterday which said that one needed at least $350k just to raise a kid here! Can you imagine that?! I certainly can't because the thought of having to save that huge amount of money is daunting! The article went on to suggest for parents to put part of the savings into Real Life Cover insurance for their children as part of the investment plan. Often, parents forget that children need life insurance as much as they do and miss out that important part of coverage. The other insurance the article suggested buying was income insurance which is absolutely necessary in the unfortunate event one parent loses their job or is unable to work further.

It seems like there is an insurance for everything these days from funeral cover insurance to maternity insurance cover. While I don't deny that insurance is necessary, I think it is more necessary to carefully evaluate what insurance exactly you require and allocate your disposable income accordingly.

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