Personal Financial Planning
You need to plan well on your finances so that you can live a comfortable life. But sometimes in our process of saving money for our future there is always that common fear of uncertainties of the future. The future happenings are a hidden secret that no one can predict. It is not always possible that things will always happen as planned even if we put the right measures in place. There are many risks involved in life and you can only protect yourself, family and assets if you buy an insurance policy. It is vital to learn the basics of insurance policies so that you buy the kind of policy that suits you well. To have a good life, saving is essential and it is advisable that you can even save money on monthly basis. If you want to have a plan, then you do it according to the current financial status and also the current health status. You are likely to get ill as years advance because your body immunity reduces as you age. You may also need a major surgery that may require a lot of money to be paid for your treatment. In such a situation having an insurance plan that will cover you from this risk is essential as all the bills will be catered for hence giving you a sense of security as the risk is covered.
There are different types of insurance policies that cater for education, housing, investment, motor and general insurance policies. All these types of policies are beneficial to their users. Selecting the best insurance plan you need to buy is not an easy task however. Always consider asking for assistance from a qualified financial adviser on the best policy for you so that as you choose your policy you select that which will serve you best. The sum assures varies for all the policies. The sum assured varies for different people since different people have different parameters like they may be in different age brackets or their health status might also be different. Seek reliable advice on which policy to take on.
A a policy is a contract sign by the insurer and the insured stating that the insurer will compensate the insured in case uneventful risk occurs to the insured. A set premium is payable to the insurance either by a lump sum or on the monthly basis for a certainly specified term. The sum assured depends on the term of the policy, the amount of premium and the age of the policyholder.