How much other policies a family needs
Sizing other policies is where most households either overpay or under-protect. Usually small and situational. The value is in knowing they exist when something happens.
The sizing rule
Usually small and situational. The value is in knowing they exist when something happens.
Adjusting it for your household
Rules of thumb are starting points. A single-earner family with young children and a home loan needs more than a dual-income household with no dependants. Count what would still have to be paid if the worst happened — EMIs, school fees, living costs — and size the cover against the gap, not against a formula.
Reviewing it as life changes
Marriage, a child, a home loan, a job change, a parent moving in — each of these changes the number. A cover level set once and never revisited is usually wrong within five years.
Where FamTally comes in
FamTally holds every policy the family has — other policies included — with sum assured, premium, frequency, renewal date and the members it covers. It totals your cover so gaps are obvious, puts premiums into your monthly cashflow, and reminds you ahead of each renewal. Free to use.
Stop doing this in a spreadsheet
FamTally keeps your loans, income, expenses, assets, insurance and goals in one place, forecasts five years ahead, and answers questions about your own numbers. Free, and built for Indian families.
Start freeQuestions people ask
What does other policies cover?
Travel, gadget, pet, and the assorted covers that arrive bundled with cards and purchases.
How much cover should we take?
Usually small and situational. The value is in knowing they exist when something happens.
What happens if it lapses?
Varies, which is exactly why they get forgotten.