How much weightage is given to insurance in Financial Planning?

Question

I want to know how much weightage is given to insurance in Financial Planning?

Answer 1

Financial Planning starts with Insurance. a.One should have adequate Life coverage to maintain life style & future social expenses of the family in absence of him. And it should be in form of PURE TERM plan which is the cheapest product. b.Health Insurance should cover every family members.

Answer 2

You have to decide by taking into consideration the

number of dependants,your future goals etc that how

much weightage should be given to your insurance in

your financial planning.



It is always better to have best insurance cover for

your family and also mediclaim.



Life insurance and mediclaim are the 2 most important

aspects of life today.The higher cover you have the

better it is for you and your family.



Don't ever get stuck with 25-30 years premium paying

terms.



If you don't want to invest much into insurance then go

for pure term insurance.If you want to invest in

insurance with best returns go in for ulips.



But don't delay your decision buy any life insurance

and mediclaim as soon as possible.

Answer 3

Of course, most types of insurance can be used for risk management in financial planning, but life, disability, and long term care insurance are the types most directly applicable to financial planning. As far as the relative importance of insurance in financial planning, managing risks and preventing them from derailing one's financial plan is critical.



Contrary to statements in the previous two posts, while term life insurance is usually the least expensive coverage, it is often not the most cost effective; and potential applications for life include far more than simply leaving an income for dependents. None of these types of insurance should be purchased without the guidance of a properly qualified financial advisor or planner.

Answer 4

Protection comes first.

Begin with Life, Health and Personal Accident Insurance.

Only when the creator of all assets i.e. YOU are adequately protected can the asset creation process begin.

Answer 5

For personal financial planning insurance is not required unless you intend to provide a suitable cover to your family..

Answer 6

yes it had but it still depend on your finance....