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Plans allow systematic enhancement of wealth with insurance

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How Important is Insurance in Your Financial Planning

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Financial planning is important if we need to build wealth over a period of time. But you would also agree that while making a financial plan to build wealth it is equally important that measures are defined to ensure that the process of wealth creation does not derail for any reason.

Buying insurance would ensure that you achieve your financial goals of prosperity and financial security for your family and near and dear ones. However, most people while building a financial plan shy away from considering the risks that can derail their entire planning. The Risk of disability and death although widely known, is hardly considered in the investment plans. Many people hardly realize that failure to do so can have some very serious consequences. It can not only affect their prospects of achieving their goals but also lead to unnecessary hardships for their family.

Risk management or insurance should be an integral part of financial planning. Even before you consider investing, you should consider buying insurance. There are varieties of insurance product that can help an individual mitigate their life and investment risks. Buying health insurance, life insurance, Critical Illness and disability cover should be the utmost priority in your financial plan.

It is not that people are not aware of these risks but most people purposefully neglect these risks because of their discomfort with subjects of death and disability. I would say it is just like flossing one’s teeth. Everybody knows that flossing is important for maintaining good dental hygiene but there are only few people who actually do it. In some cases it is lack of understanding of the available options and complexity of investment insurance products that becomes a barrier for people in proper financial planning.

The Need for Life Insurance

It is a common desire among people to see that family gets the best of comforts and their children the best of education. In order to achieve the same you take some smart investment decisions and make regular savings. However, all your efforts towards building enough savings for these future needs can go for a toss if you were to meet an early death. Your dependents may face a really tough time and they may find it hard to even sustain their daily living expenses. But if you take adequate life cover things would be different. The Death Benefit offered by an insurance Policy would not only help the family in managing their living expenses but also ensure that your children gets the right education for fulfilling their career goals.

Life insurance also comes with additional Riders which provide an individual with added protection against uncertainties like disability due to critical illness or accident. Such a rider would provide an individual with lump sum money that will help the Insured meet expenses related to critical illness like cancer, stroke or heart attack.

The Need for Health Insurance

The cost of hospitalizations is increasing every year. It is now at such levels that with regular savings it is almost impossible for a common man to meet these expenses in case he needs to be hospitalized for taking a treatment. If for lack of funds the individual is not able to get access to the right treatment this may lead to a compromise on his health which may further deteriorate. Even if the individual is able to somehow manage the treatment costs, this happens at the cost of compromising with all of his accumulated savings. A Health Insurance in this scenario would ensure that the treatment costs are paid by the insurance company and the individual can not only safeguard his accumulated savings but also get access to the right treatment.