a) Security of Our Future,
b) Security of Finances,
c) Security of Our Loved Ones.
This makes Insurance Planning important. "
goes a popular saying that explains the importance of Insurance Planning.
It is extremely important that every person, especially the breadwinner, covers the risks to his life, so that his family's quality of life does not undergo any drastic change in case of an unfortunate eventuality.
So what are the risks that we run? To name a few –
- Risk on our lives - the worries of replacement of the incomes that we contribute to the running of the household
- Risks of medical contingencies -since they have the capability of depleting our wealth considerably
- Risks to assets -as the replacement of these can have tremendous financial implications
If we can imagine a situation where our goals are disturbed by acts beyond our control, we realize the relevance of insurance in our lives. Insurance, simply put, is the cover for all the risks that we run into during our lives. Insurance enables us to live our lives to the fullest, without worrying about the financial impact of events that could hamper it. In other words, insurance protects us from the contingencies that could affect us.
Why Insurance Planning?
(For different stages of life)
Insurance Planning is concerned with ensuring adequate coverage against insurable risks. Calculating the right level of risk cover is a specialized activity, requiring considerable expertise. Proper Insurance Planning can help you look at the possibility of getting a wider coverage for the same amount of premium or the same level of coverage for the same amount of premium or the same level of coverage for a reduced premium. Hence, the need for proper insurance planning.
Insurance Planning takes into account the risks that surround you and then provides an adequate coverage against those risks. There is no risk not worth insuring yourself against. Be it life or non-life. And insurance should first and foremost be looked as a measure to guard against all risks.
Now depending upon person to person Insurance needs differ too. It depends on your age, profile, requirements, level of risks, your income etc. So insurance planning takes into account all the factors before chalking out a plan customized for you and gives you the most suitable option.
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