Insurance is a contract of indemnity ie. The insurer agrees to pay the insured a certain sum of money either on the happening or the non-happening of a certain event.
Insurance is an important step in the financial planning process. It is a defensive measure and offers peace of mind to the individual.
Insurance planning is to protect yourself, your family and loved ones, your home, your assets, or your business against unexpected events. The idea behind insurance is to get a group to contribute financially to a fund specifically designed to help individuals recover in the case of an unexpected loss. In this way, insurance eases financial burdens that can occur when disaster strikes.
Insurance is an important risk management tool that can protect you and your family from financial hardship caused by unfortunate events. we work with you to identify your risks and implement a cost-effective risk management program that has been developed with your specific circumstances and requirements in mind.
If you have existing insurance arrangements, it is important to realize that both over-insuring and under-insuring can be costly. Your authorized planner will review these arrangements and ensure that you are appropriately & adequately Insured. The lost earnings can be experienced with the death, disability, estate settlement costs, and its clear impact is seen on the financial well-being. By seeking insurance planning assistance one can receive extensive relief in one’s overall financial status. Planning for covering all possible risks through insurance always turns out to be fruitful as well as satisfactory for each one of us.
Instead of considering insurance planning as an absolute tool towards the overall financial planning, we misunderstand it by Calling an investment. Already where our daily lives remain unpredictable with uncertainties including an absolute loss of income, critical illness, or even with a disability, why not look forward to the attainment of absolute peace of mind through an effective insurance planning technique.
You must be thinking about how insurance planning is associated with financial planning? But the fact is that where financial planning is a way of formalizing goals over time and creating a path to accomplish the benefits, the relevance of insurance planning cannot be left behind. As insurance planning assists in protecting you from adverse financial crises or losses which come across towards your wealth management.
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