Why do you need insurance planning? Is it necessary to have
insurance? When to review insurance plans? Let us find all the answers in
following sections.
So why insurance planning?
- As per Indian Money review, an accident plan protects your income in case of permanent disability.
- A life insurance plan meets living expenses of nominees in case of premature death.
- Guarantees income for life with retirement plans.
- Protects the location and equipment of the business with business insurance.
- According to IndianMoney.com, you can protect home structure and contents with a home insurance plan.
- Protects car or two-wheeler in case of damage in accidents or theft with car or two-wheeler insurance.
- Helps meet costly hospitalization expenses with health insurance so that you have no complaints.
IndianMoney dot com advises you to review
insurance with change in financial profile and life situations.
1.
As per Indianmoney.com reviews, if assets have
increased (you have a new car or house) avail more insurance. Life
insurance helps in wealth transfer. You need life insurance across
working life. You don’t need life insurance after 60 as you have net worth to
tide over most crises.
2.
IndianMoney advises a
health insurance plan even if you are covered under a company group insurance
plan.
3.
An increase in liabilities means more life
insurance. Increase coverage under term
life insurance if you have liabilities like a home loan.
4.
If income/salary has increased, review life
and health
insurance needs. The sum assured must be in tune with current net
worth.
5.
Getting married means more life and health
insurance. You have to avail joint life cover or purchase individual life
insurance plans. Avail a family floater health insurance plan after getting
married. After children further increase life insurance coverage. If spouse is
not earning, it’s best to double life insurance coverage.
Read More: Review
Your Insurance Plans With IndianMoney
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