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.
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Insurance planning is to protect yourself, your family and loved ones, your home, your assets, or your business against unexpected events.
What is Insurance planning?
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- Insurance provides security against risk and uncertainty.
- It enables the insured to concentrate on his work without fear of loss due to risk and uncertainty.
- It inculcates a regular savings habit, as in the case of life insurance.
- The insurance policy can be mortgaged and funds raised in case of financial requirements.
- Insurance policies, especially pension plans provide for income security during old age.
- The insured gets tax benefits for the amount of premium paid.
- Insurance of goods may be a mandatory requirement in certain contracts.
- Insurance is an important risk mitigation device.
- Insurance companies provide the required funds for infrastructure development.
- It provides a sense of security.
- Insurance provides security to the insured during his life and to his dependents.
- It provides employment opportunities. With the entry of private insurers employment opportunities have increased greatly.
- Insurance provides a sense of livelihood to those who might otherwise not have an income source — housewives, retired people, students etc can work as agents and earn commission.
- Insurance works on the principle of pooling of risks and distributes risks over many people.
- Insurance is an invaluable aid to trade.
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Why is Insurance planning important?
Insurance planning is a critical component of a comprehensive financial plan that includes evaluating risks and determining the proper insurance coverage to mitigate those risks. The principal goal of insurance planning is to identify and analyze risk factors in life and seek proper coverage to attain a peace of mind if disaster strikes. The chances of recovering partly or fully are assured by having insurance. Therefore, insurance is an economic device transferring risk from an individual to a company and reducing the uncertainty of risk via pooling.
Without proper planning, be it investment planning, retirement planning, or estate planning, you’ll likely not invest successfully, retire comfortably, or leave a meaningful legacy for your beneficiaries. Without a well-thought-out insurance plan, every one of those facets of a financial plan could be exposed to unforeseen risks.
Good planning helps you identify and plan for all the risks involved in every aspect of your financial life. Thoughtful insurance planning helps mitigate the risks you can’t foresee or those that you are unable to plan around. Managing life’s risks is a key part of our process. While financial planning focuses on building your wealth, insurance or risk management emphasizes strategies to preserve it. This means the most cost-effective solutions to address various eventualities, including death of a loved one, the need for long-term care or the event of a disability.
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