Nothing can compensate the loss of a loved one. No insurance policy or any other plans can replace the life of your well wisher. However, it is also true that leaving a financial provision for your loved ones ensures they don’t have to cope with a financial crisis in addition to their grief.
This small lesson I have learned recently, when one of my friends has lost his relatives in an accident. These are just a few things that one has to remember to take care of financially.

PIN sharing
Your bank account PIN is strictly classified data and as such should not be revealed. But you should your PIN number to one member in your family that can keep this information private. It will be very important for you when you are going abroad for your office work.

Otherwise, in the absence of you, your spouse or your parent will have to file for a succession certificate, which will then be submitted to the bank after which they shall have access to the account. This tedious process can become mind-boggling if you are in a different country. If you share you PIN to your partner, he or she can withdraw the money from your account.

Nominations
Most companies offer some sort of insurance policies to employees. Additionally, that are the various PF, Medical, etc forms that one fills it when one join a new organization. Typically, once you have completed your formalities, nobody bothers to re-check them. However, one needs to remember that these nominations should be checked or amended if one happens to get married afterwards. Typically, if you are single, the nominees to your insurance, etc will be the parents, and not too many people remember to add the spouse to the list post nuptials. Now god forbid, something were to happen, the spouse is not included in any insurance claim.
It seems to be unimportant or technical, it’s still prudent to ensure you leave all those close to you well provided for. The nomination of the spouse becomes more essential if kids are involved.

Investment orientation
There are lots of people who are convinced that their spouses do not have any head for investments. It is essential for you to maintain a file of your investments and discuss with your spouse or parents so that they are aware of how much money is invested in which plan and when and where.

Loans and EMIs
If you have a home loan or are intending to get one, it is sensible to add a life cover to the loan. This way, in the event of an unpredicted circumstance, no one is burdened with the EMIs of your loan.

Most home loans have this provision; some offer it as a default. In any case, when enquiring for the loan, do check this provision and if it is not mentioned in the document of the policy, then it would be a good idea to include it. Most people figure their life insurance policy should be sufficient to cover expenses. But in case you are leaving dependants who have no other means of income then a life cover on your home loan will go a long way in easing the financial burdens.

As everybody knows that nothing can compensate the loss of a loved one and such unforeseen circumstances are best not thought of, but when we can take some steps to insure ourselves for the benefit of our well wishers. It is only common-sense to have a financial confidante so that those whom we love don’t have will at least not have to deal with any financial implications.