Insurance planning is the process of carefully selecting insurance policies to financially protect yourself, your family members, assets, etc., against unexpected losses.

In Financial Planning Insurance Planning is the first and foremost step. In absence of necessary insurance these are termed as wealth destroyers.

Without thorough insurance planning, you can be financially exposed to uncertain life events. Proper planning lets you identify the key risks that may impact your life and choose the insurance policies that cover those risks.

There are different types of insurance like life insurance, health insurance, disability insurance, and critical illness insurance. Each type of insurance product serves a different purpose and offers different benefits.

• Life insurance is a crucial component of insurance planning, as it provides financial security to the insured’s family in case of the insured’s untimely death. Life insurance policies can be term insurance, which offers a fixed coverage for a specific period, or whole life insurance, which offers lifelong coverage. The choice of life insurance policy depends on the individual’s age, financial goals, and family’s financial needs.
• Health insurance is another critical insurance product that offers financial protection against medical expenses. Health insurance policies cover the insured’s medical expenses, hospitalization costs, and other related expenses. Health insurance policies can be individual policies or family floater policies, depending on the number of individuals covered under the policy.
• Disability insurance and critical illness insurance provide financial protection against disabilities or critical illnesses that may prevent the insured from earning a livelihood. Disability insurance provides a regular income to the insured in case of total or partial disability, while critical illness insurance provides a lump sum payout on diagnosis of a critical illness.
• In summary, insurance planning is an important part of financial planning that helps individuals and families protect themselves against unexpected events that can have a significant financial impact. By choosing the right insurance products and coverage, individuals can ensure that their financial goals and the needs of their loved ones are protected in case of any unforeseen circumstances.