The Economics of Death
Planning Ahead: A Recap
Practical steps families can take to reduce the financial burden of death, and a recap of the module.
Thinking about death is hard, but planning helps families.
Practical steps
- Register nominees on bank accounts, insurance and investments.
- Keep a list of accounts and digital assets.
- Buy adequate term insurance.
- Consider advance directives.
- Write a will.
Public policy
- Better death registration and data.
- Palliative care access.
- Cleaner cremation options.
- Consumer protection in funerals.
Module recap
- VSL values small risk reductions.
- Funerals are an industry needing consumer protection.
- Wood pyres use much wood; alternatives exist.
- Death registration is incomplete in places.
- Excess deaths revealed missed COVID deaths.
- End-of-life care can be costly; palliative care helps.
- Unclaimed money exceeds 78,000 crore rupees.
- Annuities insure against longevity risk.
- Cities face shortages of burial land.
- Living wills are legal in India since 2018.
- Digital assets need planning.
The family folder
A couple keeps a folder listing their accounts, nominees, insurance and wishes, so their children won't struggle later.
Thinking planning for death is only for the old or rich
Everyone can reduce burdens on family with simple steps.
Key takeaways
- Nominees, insurance and wills reduce family burdens.
- Records of accounts prevent unclaimed money.
- Public policy can improve data and care.
- Planning is a gift to families.
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