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Hey guys, as children we have always heard of the concept of piggy banks, but did you know that there are three types of piggy banks, that every smart adult keeps? Before we move on, I just want to give a quick introduction of myself. My name is Joydeep Basu, and I am also the Life Insurance Advisor with a long 16 years of experience in providing financial protection to many individual lives, businesses and professions. I not only replace income when one’s income stops owing to disability, death or bankruptcy but provides pensions to the retired, I do fund for future events like child’s education, marriage, foreign trips, house building and all many other reasons. I even sort out the dissatisfaction among the employees for the employers while planning for their lesser income tax commitments beyond 80C and protect their already built assets from their creditors and even court orders when they unintentionally default in paying them. The reason why they are piggy bank is, because you have to break them, when you truly needed. The first type of piggy bank is the emergency fund piggy bank. In this piggy bank you keep around six to nine months of your monthly expenses, in case you needed for emergency uses. Use this money set aside to cover large and unexpected expenses, for example, in case you lose your job or your business fails. The second type of piggy bank is the medical expense piggy bank. In this piggy bank. you set aside money to pay for medical expenses in case you fall sick and are unable to work. The third piggy bank is the future piggy. In this piggy bank. you keep three things, number one, money that you want to use for retirement. Number two, money you want to pay for your kids' education. Number three, money that you want to pass on to your loved ones when you leave this world. Now ask yourself, do you have all three piggy banks in place right now? and if your answer is no, then don't worry, we will look at it together. I want you to keep the emergency piggy bank with you and I will work with you to make sure we maximize the value that medical expense piggy bank and the future piggy bank until the point that we have to break it and use it. Sounds good? Now guys I am going to give you the formula that I have given to all other clients so that you know how much money you should keep aside in those piggy banks. Just like the number of glasses of water you need to drink on a daily basis. there's actually a rule of thumb for savings and insurance. For the first emergency piggy bank, you should keep in six to nine months of your monthly expenses. For the second medical expense piggy bank, you should save enough in it to make sure that five times of your annual income isn't the piggy bank, and it protects you due to an illness? For the third future piggy bank, you need to save twenty percent of your income towards your retirement, five percent of your income for your kids' education and enough to buy insurance, which covers at least times of your annual income.in case. Now imagine of a situation when you need to break those piggy banks like repaying your debts, unpaid taxes with fines and bankruptcy. Everything will get broken then. Don’t worry! I shall give you a free bonus tip to protect all those piggy banks from your creditors and court orders. But remember I cannot protect you after the eventuality has already commenced. So, call me today. And if you still thinking whether to call me or not just tell me…. When it is not mandatory to wear shoes while we go out, can we imagine of going out of our house without shoes? Similarly, Life insurance can be tricky to figure out with all its technicalities and rules and there are a lot of misconceptions regarding life insurance. Let us briefly examine the top misconceptions surrounding life insurance to make your road to coverage a little smoother. Myth#1: Life Insurance is beneficial only after the death of the insured. The most common myth linked with a life insurance plan is that it would only offer benefits after the death of the insured, which is not completely true. Ideally, life insurance is meant to provide financial aid in case of life assured’s eventuality but it also protects you from making unwanted expenses and losing all your already created assets in case you are unable to pay off your creditors. Myth#2: I Don’t Need Coverage Because I’m Single and Don’t Have Dependents. Even single people need at least enough life insurance to cover the costs of living in case of permanent disability and medical expenses for terminal illness. If you are uninsured, you may leave a legacy of unpaid expenses for your family or executor to deal with. Plus, this can be a good way for low-income singles to leave a legacy to a favourite charity or other cause. Myth#3: Life insurance is only for tax savings.- Tax deduction under Section 80C is not the only advantage of life insurance. In your absence, the pay-out from your life insurance will also cover the monetary needs of those who are dependent on you. The maturity benefits from your insurance product can act as a corpus for many future financial goals. Myth#4: Life insurance is only for savings. - Savings is not the only advantage of life insurance. In your permanent disablement or terminal illness, it shall provide you money to do treatment and run your family. If planned properly it would save your already created assets from your creditor if you unintentionally default paying off their money.. In your absence, the pay-out from your life insurance will also cover the monetary needs of those who are dependent on you. The maturity benefits from your insurance product can act as a corpus for many future financial goals. Myth#5: Only Breadwinners Need Life Insurance Coverage. Nonsense. The cost of replacing the services formerly provided by a deceased homemaker can be higher than you think, and insuring against the loss of a homemaker may make sense, especially when it comes to cleaning and day-care costs. Myth#6: I Should Always Buy Term and Invest the Difference. This is not necessarily true. There are distinct differences between term life and permanent life insurance, and the cost of term life coverage can become prohibitively high in later years. Therefore, those who know for certain they must be covered at death should consider permanent coverage. The total premium outlay for a more expensive permanent policy may be less than the ongoing premiums that could last for years longer with a less expensive term policy. There is also the risk of non-insurability to consider, which could be disastrous for those who may have health issues and belong to higher tax bracket. They need life insurance to save their already built asset for their medical treatment and waive off tax payment. This risk can be avoided with permanent coverage, which becomes paid up after a certain amount of premium has been paid and remains in force until death. There are also loan facilities in case of permanent policies supporting you in your financial emergencies which are not available in term plans. Myth#7: I’m Better Off Investing My Money Than Buying Life Insurance of Any Kind. Until you reach the breakeven point of asset accumulation, you need life insurance coverage of some sort. Once you amass 100 crores rupees of liquid assets, you can consider whether to discontinue (or at least reduce) your 100 crores rupee policy. But you take a big chance when you depend solely on your investments in the early years of your life, especially if you have dependents. If you die without coverage for them, there may be no other means of provision after the depletion of your current assets. Key Take Away. These are just some of the more prevalent misunderstandings concerning life insurance. Do not fall for these myths. Remember that regardless of your age or savings, keeping your family protected with life insurance is always a wise choice. It is crucial to assess your family’s financial requirements carefully and have your need analyzed. So, call me today Check your inbox and spam to check if I have already sent an email regarding confirming your appointment. Ms Shila or someone from my office will call you for confirming your appointment two days before I shall already be there to discuss with someone else. Thank you and have a nice time ahead.