At work, our Director of Product Management was presenting when he mentioned the term “fallback” in context of our products. That term struck a deep note because your success in your personal finances depends to a large extent on the fallback mechanisms that you have in place.
I can immediately think of these fallback mechanisms:
- Emergency Funds
- Health Insurance
- Life Insurance
- Support from Friends and Family
Can you add to this list?
Job backups :)
Job backups! I like that term. :-)
Also, would long-term disability insurance be a good add to this list? This far, I’ve seen only one such insurance policy on offer in India: Tata AIG’s Secured Future Plan. I’ve unsuccessfully tried to get more information on this policy from Tata AIG. Nobody there even wants to acknowledge its existence.