What is Insurance Planning?
Insurance Planning is nothing but creating protection for yourself, your loved ones and your cherished possessions which include investments, assets, etc. against unanticipated risks. This is to ensure that the insured person recovers quickly from disasters which were sudden. Insurance mitigates financial burdens at the time of tragedies.
Insurance planning is done to evaluate risk and decide relevant insurance coverage to alleviate those risks. This is the main motive behind insurance planning.
How much insurance is needed?
Here are some mistakes you can avoid so that you don’t face the consequences.
1. “I shall wait and wait for eternity”
No fun is involved in thinking about bad incidents that might happen. However, reality is that disasters occur suddenly and when not anticipated. Whether you are young or old, healthy or unhealthy, disaster doesn’t look at all this before waging a deadly war against you. It wages an ugly battle against you and it’s up to you whether you win the battle against them or let the invader take over your kingdom (succumb to disasters). Insurance Online Financial Planner Advisory Portal
2. Herd mentality
Going with the crowd will NEVER help you in finances, be it insurance, investment, or any other financial decision you make. Each individual has different lifestyles, different goals, different expectations, different income levels, different risk appetite, and different views of the world. This way, you cannot expect what’s working for one person work for you too. Best Free Financial Advisory Portal
3. Do it Yourself (DIY)
DIY is great for a student who has to learn and practice what he/she has been taught at his/her educational center. However, in finance, DIY is not the best approach. DIY leads to doom in finance as you will not know many things. You will end up making costly mistakes and lose your money in useless items and plans. Hence its always better to talk to a certified financial adviser who is unbiased. He/she will be in a position to suggest the best insurance plans for you. Good investment options for you, etc.
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