Insurance planning is an essential part of financial planning. It includes evaluating risks and determining the proper insurance coverage to mitigate those risks. The principal goal of insurance planning is to identify and analyze risk factors in life and seek proper coverage to attain peace of mind if disaster strikes. The chances of recovering partly or wholly are assured by having insurance. Therefore, insurance is an economical device that transfers risk from an individual to a company and reduces risk uncertainty via pooling.
Carrying insurance is crucial, but the essential aspect is carrying the appropriate type of insurance. Each person has different insurance needs tied to their unique situation, age, health, family structure, economic status, possessions, assets, and many other factors. There are several forms of insurance, and there is no “one size fits all.”
At the end of the course, you will be able to understand the need the following:-