The basic purpose of insurance is to protect your most important assets be it your home, Insurance Policies shop, life, or health. Ensuring your future earnings through insurance is one of the most important financial steps towards building a healthy financial future. The insurance market is full of insurance products with a variety of coverage and sizes boasting different features in the lowest premium. In such a situation, the insurance buyers often get confused about choosing products that they really need. Most of us take insurance as a tool for saving income tax. But this is the worst thing we do so far financial planning is concerned. The best way to get rid of this situation is to educate yourself; using different websites available or can seek help from your financial planner or agents.
As insurance need is completely personal, and vary from person to person, you first determine your insurance needs. And in this regard, your financial planner will play an important role. Like other things, buying unnecessary insurance products is a wastage of your hard-earned money only. Suppose you don’t have any financial dependents, and you choose to buy a term insurance policy. Is it the right purchase? Unquestionably it’s not an informed decision because no one will get benefits out of it.
Keeping buyers’ needs and confusion in purchasing insurance products in mind, I’m listing some important insurance policies everyone should have.