Losing someone in the family is always painful. And if that person is the sole provider, the family\u2019s prospects turn very bleak, as we read in the story of Neil and Joanna in the last edition. Had Neil\u2019s father been insured, the family would have avoided any financial distress. But is life insurance alone sufficient? Should we not protect our assets and wealth while we are still alive? Let\u2019s find out with Alvina\u2019s story.<\/p>\n
Money Mantra # 7<\/u><\/strong><\/p>\n Be adequately protected to face any untoward financial loss, because prevention is better than cure.<\/strong><\/p>\n <\/p>\n \u2018Alvina? Angela hesitantly questioned the woman sitting somberly in the waiting area of the hospital.<\/p>\n The woman took a few moments to recognize her childhood friend.<\/p>\n \u2018Angela!\u2019<\/p>\n As they hugged, Angela asked the inevitable question, \u2018What happened?\u2019<\/p>\n Alvina noticed the nametag on her friend\u2019s white coat. \u2018Dr. Angela Fernandes,\u2019 it read.<\/p>\n \u2018It is Nigel,\u2019 Alvina said with a long, sad sigh. \u2018He was involved in an accident\u2026\u2019 Her voice trailed off. Angela clasped her friends\u2019 hands in hers in a comforting manner.<\/p>\n \u2018It has been over a month he is in the ICU. I don\u2019t\u2026don\u2019t really know what will happen,\u2019 Alvina said between sobs.<\/p>\n \u2018Don\u2019t worry, Alvina. I have recently been transferred to this hospital. Let me look into this,\u2019 Angela patted lightly on her shoulder.<\/p>\n \u2018Let me finish my rounds in the pediatric section and meet you for lunch. It looks like my childhood bestie can do with some food,\u2019 Angela tried to cheer Alvina, who managed a feeble smile.<\/p>\n The hospital cafeteria was full of tired relatives and attendants who milled about from one counter to another, swiping cards and carrying trays of coffee and snacks. Alvina, who ran a successful caf\u00e9 in the beach belt, was now used to the tepid soup and insipid, doughy croissants.<\/p>\n \u2018Hello dear,\u2019 Angela burst into the cafeteria and apologized for the delay.<\/p>\n Over the next half an hour, Alvina filled in the gaps for Angela. She told Angela how, soon after college, she married Nigel, who used to work on a cruise liner. For a few years after their wedding, Alvina joined Nigel on his sailing assignments to give him company.<\/p>\n About three years ago, Nigel and Alvina decided to take a break from sailing and anchored their ship in their hometown. The couple had earned good money, and they invested all of it in a beach-side restaurant. Leveraging their exposure to world-cuisine, Nigel and Alvina crafted a unique menu, which became an instant hit. They worked very hard to manage ever-increasing patronage.<\/p>\n During the off-season, the duo would fly to exotic locations, attend international wine and foods festivals and learnt new exquisite recipes to add to their menu. Nigel and Alvina earned a lot and led an ultra-lavish lifestyle. They were both very happy and carefree.<\/p>\n \u2018It all seemed like a fairy tale \u2026 until Nigel got involved in this horrible car crash,\u2019 said Alvina ruefully.<\/p>\n Angela consoled her, \u2018I have spoken to the doctors and told them that Nigel is family. They have assured me that they are doing their best. It will take some time, but Nigel is out of danger.\u2019<\/p>\n Alvina gave out a long sigh of relief. She looked gratefully at Angela.<\/p>\n \u2018Thanks friend. I know my Nigel is in good hands.\u2019<\/p>\n After a brief moment, Alvina suddenly remembered to ask, \u2018Hey, where had you been all these years? I know you have become a doctor now, but tell me all about you that I have missed.\u2019<\/p>\n Angela smiled, \u2018I hadn\u2019t been anywhere, dear. It was you who set up the sails and went for a long voyage, leaving your friends behind.\u2019 Alvina gave a sheepish grin.<\/p>\n Angela told her that after school, she took some time to work with an NGO, working with children in slums and orphanages. It was then that she discovered her passion for providing medical assistance to poor children. As a pediatrician, she worked in several hospitals in Mumbai and also ran a free clinic in the Mumbai slums. Angela married a fellow doctor and they had a two-year-old son.<\/p>\n \u2018I have recently come back here as I wanted my son to be raised in cleaner environs. I work in this hospital and also do weekly rounds in the orphanages around here.\u2019<\/p>\n The lunch hour was about to end, and Angela had to go for her rounds.<\/p>\n \u2018Alvina, Nigel will regain his health sooner than you think,\u2019 Angela consoled her friend, \u2018Although, I must tell you that Nigel might have to undergo a couple of more procedures, which cost a lot.\u2019<\/p>\n Alvina\u2019s face wilted. She looked visibly perturbed.<\/p>\n \u2018Hey, don\u2019t worry, there is nothing that the insurance company wouldn\u2019t cover,\u2019 Angela said brightly.<\/p>\n Alvina stared at her shoes, unable to tell the truth.<\/p>\n Angela understood that her friend didn\u2019t have Mediclaim insurance.<\/p>\n \u2018Alvina, dear, without a Mediclaim, you will end up paying a lot of money from your pocket!\u2019<\/p>\n Alvina let out a sad sigh and said, \u2018I know. We never thought that we would be facing any situation like this. And we always thought that we have a lot of money. But now I know how wrong we were.\u2019 She knew that Nigel\u2019s treatment would leave them broke.<\/p>\n Angela didn\u2019t lose a second to fish out her cheque book from her handbag. She drew a cheque of Rs 3 lakhs in Alvina\u2019s favour and handed it to her. \u2018This is for now, if you require more, don\u2019t hesitate to ask,\u2019 Angela said lovingly.<\/p>\n Alvina was incredulous. \u2018I \u2026 I don\u2019t know \u2026 what to say, Angela. How can I take \u2026 so much money? I don\u2019t want to eat up from your hard-earned savings,\u2019 she protested.<\/p>\n Angela smiled and said, \u2018What are friends for? This money would be best used in treating Nigel. You need it more than I do. And as a matter of fact, this isn\u2019t from my savings.\u2019<\/p>\n Angela explained to her friend that she had been investing in mutual funds through SIPs since college time and now she has a large, ever-growing, self-sustaining portfolio.<\/p>\n \u2018See, I don\u2019t have to work for money or save for occasions. And I can help any child in trouble or a friend in difficulty, thanks to my portfolio,\u2019 Angela beamed, \u2018Now, I will rush. Will check on you tomorrow morning.\u2019 And with that, Angela left in a jiffy.<\/p>\n It was all too much to take for Alvina, who stood rooted to the spot in the bustling hospital cafeteria, a hefty cheque in her hand.<\/p>\n \u2018I might have travelled the world and achieved professional success, but I need to learn a lot more,\u2019<\/em> she thought, making a mental note to ask Angela more about investing and insurance the next day.<\/p>\n Stay tuned for the Eighth Money Mantra to be featured in the next edition.<\/em><\/p>\n How did you like the story? Write to us at navemarg@gmail.com to share your thoughts.<\/em><\/p>\n Celso Fernandes, Goa\u2019s financial doctor, can be reached at +91-9422058741.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":" Losing someone in the family is always painful. And if that person is the sole provider, the family\u2019s prospects turn very bleak, as we read in the story of Neil and Joanna in the last edition. 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