Most people wish to own their dream home. They work hard, save/invest money and borrow, to fulfill this aspiration. However, not many think of a situation in which the precious home needs to be protected, especially in their absence. Listed below are a few ways in which one can safeguard his home, even in his absence.
A home loan is availed for buying a house. However, one never wants their family to get burdened with the outstanding home loan. In case of an unfortunate event, his family will have to repay the home loan and pay EMIs. If they are unable to repay, the bank has the right to take possession of your house. So, it is advisable to buy a term insurance cover, equal to the home loan amount. Term insurance will pay the sum assured to the nominee, in case of death and the loan can be repaid from the insurance proceeds.
Additionally, one should also buy a critical illness cover as well as an accidental disability insurance cover equal to the home loan amount, as the term insurance will not pay them, in case of any disability - it will pay only in case of death. The income will stop in case of an accidental disability or serious disability like kidney failure, paralytic stroke, etc. Despite this, he should pay the EMIs to the bank. If he is adequately covered, the insurance company pays the sum assured or weekly benefit, in case of critical illness/accidental disability, which serves as an income replacement, so he can continue paying the EMIs.
One buys his dream house, furnish it and install the latest electronic equipment in it. However, do he ever think of what will happen if house catches fire or there is a burglary? To cover these risks, one needs to get home insurance. Home insurance covers loss or damage to the house and its contents in case of events such as fire, earthquake, lightning, floods, etc. It also covers the contents of house, including equipment in case of theft or burglary.
One buys his dream house so that his family can live happily. The biggest problem arises in case of his untimely death. His predecessors, siblings and children, may get into misunderstandings and fights for the assets, especially your house. It is advisable to write a will, so that the assets are inherited by the people he wants them to go to. With a will in place, the ownership of the house is passed on to the person he wishes to bequeath it to, in the event of his death.
It is better to be safe than sorry, so these are the certain things one should do so that their house is secure in absence. By doing this, everyone can be rest assured that their house is secure and their family doesn't have to face any problems.
It's time to open your files, check whether you are insured adequately (if you have a home loan), buy a home insurance and write a will.
BUY TERM AND DISABILITY INSURANCE IF YOU HAVE A HOME LOAN:
A home loan is availed for buying a house. However, one never wants their family to get burdened with the outstanding home loan. In case of an unfortunate event, his family will have to repay the home loan and pay EMIs. If they are unable to repay, the bank has the right to take possession of your house. So, it is advisable to buy a term insurance cover, equal to the home loan amount. Term insurance will pay the sum assured to the nominee, in case of death and the loan can be repaid from the insurance proceeds.
Additionally, one should also buy a critical illness cover as well as an accidental disability insurance cover equal to the home loan amount, as the term insurance will not pay them, in case of any disability - it will pay only in case of death. The income will stop in case of an accidental disability or serious disability like kidney failure, paralytic stroke, etc. Despite this, he should pay the EMIs to the bank. If he is adequately covered, the insurance company pays the sum assured or weekly benefit, in case of critical illness/accidental disability, which serves as an income replacement, so he can continue paying the EMIs.
BUY HOME INSURANCE:
One buys his dream house, furnish it and install the latest electronic equipment in it. However, do he ever think of what will happen if house catches fire or there is a burglary? To cover these risks, one needs to get home insurance. Home insurance covers loss or damage to the house and its contents in case of events such as fire, earthquake, lightning, floods, etc. It also covers the contents of house, including equipment in case of theft or burglary.
WRITE A WILL:
One buys his dream house so that his family can live happily. The biggest problem arises in case of his untimely death. His predecessors, siblings and children, may get into misunderstandings and fights for the assets, especially your house. It is advisable to write a will, so that the assets are inherited by the people he wants them to go to. With a will in place, the ownership of the house is passed on to the person he wishes to bequeath it to, in the event of his death.
It is better to be safe than sorry, so these are the certain things one should do so that their house is secure in absence. By doing this, everyone can be rest assured that their house is secure and their family doesn't have to face any problems.
It's time to open your files, check whether you are insured adequately (if you have a home loan), buy a home insurance and write a will.