Insurance planning plays a crucial role in your comprehensive financial plan. There are numerous risks that can wreak havoc with even the best laid plans.Our job is to help you identify these risks and manage the risks. Although insurance is the answer for many risks, it is NOT always the answer. We will help you determine if insurance is necessary and, if so, how much insurance is needed to protect your property, health and wealth.
The most affordable type of insurance. It provides protection for a specific period of time (the “term”) and generally pays a benefit only if you die during that term. This type of insurance often makes sense when you have a need for coverage that will disappear at a specific point in time. For instance, you may decide that you only need coverage until your children graduate from college or a particular debt is paid off, such as your mortgage.
An endowment policy is essentially a life insurance policy which, apart from covering the life of the insured, helps the policyholder save regularly over a specific period of time so that he/she is able to get a lump sum amount on the policy maturity in case he/she survives the policy term. This maturity amount can be used to meet various financial needs such as funding one's retirement, children's education and/or marriage or buying a house. A life insurance endowment policy pays the full sum assured to the beneficiaries if the insured dies during the policy term or to the policy holder on maturity of the policy if he/she survives the term.
Unlike a pure insurance policy, gives investors both insurance and investment under a single integrated plan. ULIP provides investment options to invest in any number of qualified investments such as stocks, bonds or mutual funds.
Policy holders have the option of selecting the type of funds (debt or equity) or a mix of both based on their investment need and appetite. Just the way it is for mutual funds, ULIP policy holders are also allotted units and each unit has a net asset value (NAV) that is declared on a daily basis. The NAV is the value based on which the net rate of returns on ULIPs are determined. The NAV varies from one ULIP to another based on market conditions and the fund’s performance. The Risk under ULIP is carried by policy holders.
By contrast, provides lifelong protection. As long as you pay the premiums and no loans, withdrawals, or surrenders are taken, the full amount will be paid. Because it is designed to last a lifetime, whole life insurance accumulates cash value and is priced for you to keep it over a long period of time. It’s impossible to say which type of life insurance is better because the kind of coverage that’s right for you depends on your unique circumstances and financial goals.
Buying adequate health insurance from early in life and increasing it time by time gives peace of mind and ensure that if you (or a covered family member) get sick or injured you are not footing the entire medical bill on your own. We strongly advise corporate employees to have separate cover along with the employer provided cover.
In addition, you are more likely to get routine and preventive care if you have health insurance. You need health insurance because you cannot predict what your medical bills will be. In some years, your costs may be low. In other years, you may have very high medical expenses. If you have health insurance, you will have peace of mind in knowing that you are protected from most of these costs.
All this and many more questions naturally come up in mind of person who gets convinced to buy health insurance policy. I used the word convinced because there are many people who still believe that buying health insurance is waste of money or are dependent on their employer’s provided cover. we try to answer all the above mentioned queries and suggest the right solution.
We also believe that the way medical and education costs are increasing, going forward life is going to be very difficult. Having health insurance is good but many times health insurance may not be enough, so one should also accumulate decent medical corpus too.