It was only last year when I had talked about life contingencies in my write up {Read Here – Part I & Part II}.  Didn’t know that I will have to deal with them so soon!

An uncle of ours (My mamaji) caught ’Superbug’. By the time it was diagnosed, the bacteria had affected his heart. Despite undergoing a heart surgery to improve his situation, he lost his battle with life. Five months and he was gone – a hale and hearty person who brought lots of happiness to all around him.

What he left behind for his widow (he didn’t have any kids) besides the emotional trauma of leading life alone, was an enormous hospital bill. Thankfully the family had chipped in for all the expense during the 5 months of hospitalisation.

I wish he had adequate life and health insurance in place. My aunt wouldn’t have been struggling with ways to secure a steady source of income for herself. Unexpected medical expenses wouldn’t have been a dent on the family’s savings.

Meanwhile, I too had to undergo an open surgery during the same period. With cancer suspected, doctors told me to get the surgery done without any delay. Fortunately, all went well with the surgery. But the episode did shake me up.

We just assume that we are invincible and bad things happen only to others. It is not so. Tsunamis happen only when we are least expecting them. We undermine our lives. There is no harm being a positive thinker but are we prepared? Have we thought of our loved ones – how they will manage without us- emotionally and financially?

I had health insurance for myself, under my corporate and my individual cover. My corporate cover was just about adequate and came in full use for my hospital and surgery expenses.The cause of the illness was still running in the waiting period under my individual health cover. Yes, there are 3 to 4 years of waiting period for some illnesses in an individual cover. The earlier you get a health cover, the better – while you are still healthy. Else there might be limitations in the cover offered.

I am at peace with the knowledge that I have adequate life insurance in case something happens to me. Even if my spouse is the primary earning member, my not being there as a contributor to the family income could have an impact on the future goals of my family. My family, the future of my kids, the dreams I have for them – are secured.

As I said in my earlier article – take insurance while you can, while you are healthy – be prepared for life contingencies. It is your umbrella against the rain.