Let’s talk about life insurance — it’s never a “fun” conversation to have. But when you sit down with an expert who has your best interests in mind, you may find that life insurance is something you not only need, but truly want, as well — to protect your family, dependents, business and legacy.
Understand Your Financial Objectives First
All too often, we spend money buying things that we don’t really need. It could be small items, such as the purchase of an iPad that we really wanted (and not needed) after seeing someone else have it.
Buying insurance is no different. Before we get any insurance policies, we should first understand our own financial objectives.
These objectives would vary for each person. It would also change as we enter different phases in life.
Some objectives could include having extra coverage for personal accident, having sufficient health insurance coverage, and making sure your family is well covered financially if you are not around. These are all objectives you should be considering.
Look At Instruments Or Products That Serve Your Needs
Our needs and wants are always more than our financial resources. It’s easy for you to think for saving, investing, insurance and retirement planning. Everyone would love to buy all investment and insurance product but all these things cost money that has to come from somewhere, and at the expense of something.
One important factor you should know is that what financial needs can be solved by certain product. Insurance companies seeking business opportunities will (almost) always have a product that is “tailored” to serve your needs. That doesn’t mean you have to get them. If your objective is to ensure health and life insurance coverage, then you will need health and life insurance policies.
If your objective is to invest your money and let it work for you, then you should be looking at the stock and bond markets, rather than buying an investment-linked policy that combines both insurance and investment.
Instead of letting insurance agent trying to sell you, tell them what you need.
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Financial planning is so important and most of the individuals seek advice from qualified consultant, but only if the consultant themselves are knowledgeable and act in our interests, and not the interest of themselves or the companies they represent.
Our duty is to first understand our own financial objectives, before choosing a product based on these objectives. We should approach financial planning in this way.
At the end of the day, there is no point in saving hard and setting aside money to buy a financial product that does not get you closer to attaining the financial objectives that you have set for yourself in life.