Emergency never comes with the notice & if you do not have the adequate risk cover to face it you may create hole in your pocket. The most important objective of having insurance policy is to protect yourself from unplanned events. We always ensure you protect yourself first before taking up anyobligations for your family members
Insurance is considered as the most essential tool for risk management. 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.
Purposes of insurance planning
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.
Appropriate plans for YOU
Carrying insurance is crucial, but the most important aspect is carrying the appropriate type of insurance. Each person has different insurance needs tied to his/her unique situation, age, health, family structure, economic status, possessions, assets, and many other factors. There are several forms of insurance and there is no "one size fits all". (This is why we need the insurance planning!) Also, any major change in life requires an immediate review of insurance planning to make sure the protection remains adequate.
