Life Insurance
Insurance
- Life insurance
- Riders ( Insurance Toppings)
- Term Plan
- ULIP ( Unit Linked Insurance Plan)
- Endowment Insurance Plan
- Money Back Insurance Plan
- Surrender value
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We do not think (or do not want to think) of what will happen to our family, if we are gone – especially when we have not met all of life’s responsibilities. Though the family goes through emotional trauma, financial burden adds to the pain. One has no remedy for the emotional pain, but smart financial planning can certainly ease the financial pain. check out https://laiohgames.com/registered-players/
Life insurance has moved from protecting life to protecting lifestyle. Financial needs can be classified broadly into following two categories.
- Protection: if anything happens to the breadwinner, the family continues to be financially protected and maintain the same life style.
- Savings: one should be able to generate required corpus to meet milestones such as education / marriage expenses of children, buying a house etc.
The first step in buying insurance cover (Life Protection cover) is to adequately assess your need and responsibilities. One should ask the following questions:
- What is my life stage? (Age, family etc.)
- What are my responsibilities? (Buying a house, children’s education / marriage expenses, protecting my income etc.)
- How much corpus I require to meet the above financial responsibilities?
- What is my current corpus / net worth?
- What are my liabilities (like car loan / housing loan etc)?
- How do I plan (including selection of insurance plan) so that even if I am not around, my family can still sail through milestones?