Many Reasonably well-to-do families are just one death away (of the breadwinner) from slipping into near poverty.
Negligible savings, EMIs, rent, school fees!
Even casual conversations have revealed financial planning is poor. As a financial advisor, I have encountered professionals who earn 50 Lakh to 1 Crore - all 25 yrs to 55 yrs old - with life insurance cover < 1 Crore. All irresponsibly exposing their families.
See the infographic below for basic thumb rules and pointers for a life insurance cover -