Make Protection A Habit - Why safeguarding your future should come naturally like a habit

Make Protection A Habit - Why safeguarding your future should come naturally like a habit

In the fast-paced world we live in, it’s easy to get caught up in the daily hustle and forget about safeguarding our future. However, ensuring financial security for yourself and your loved ones is a habit that should come as naturally as any other routine in your life.

If you can prioritise your health and make lifestyle tweaks like eating healthy and following an exercise regimen, there’s no reason why you can’t prioritise the financial security of your loved ones and inculcate some habits that will safeguard your fiscal health as well. Let’s delve into why making protection a habit is essential and how to calculate your ideal cover amount.

Once you have decided to opt for protection and invest in a life insurance policy, the next step is to determine how much money your dependants will need. Remember it is not a one-size-fits-all approach; your need may be different from those of others.

Here are some tips to calculate your life insurance needs:

●    As a standard practice, it is advised to purchase a life cover at least 10 times your annual income. 

Another way to calculate the amount of life cover needed is to multiply your annual salary by the number of years that are left until retirement.

●    One of the most critical aspects of making protection a habit is determining the right coverage amount. A useful tool for this purpose is the HDFC Life Human Life Value Calculator. This calculator considers your age, annual income, expenses, liabilities, and future financial goals to estimate your ideal life cover amount. It takes into account your family’s financial needs, outstanding debts, and inflation to provide a comprehensive view of your protection requirements.