Author: yogesh

Your needs change along with time. Your financial needs are obviously on top of your needs’ hierarchy. Those need to be checked up on from time to time. Insurance policies play a major role here. And these polices need to be reviewed in order to match the changes and pace of your life. it shouldn’t be delayed because there is no perfect time than the present to make those important changes and decisions. Following are some of the instances where you need to think of reviewing your insurances:

Change in your family or marital status:

You may need to think of increasing your coverage if your family is growing. Because then you need to care for the loved ones that are dependent on you financially. Like when you get married, both of you need to discuss and make the necessary policy changes since you both may be dependent on each other’s income. And those going through a divorce or are divorced, need to make adjustments in their insurance coverage accordingly. 

Change in one’s health:

The policy rates are dependent on your health status too. So if your health has improved significantly since you last got the policy, reviewing it again may get you some good rates. And this is even applicable to your spouse’s health status.

Change in your housing situation:

Based on whether you purchased a new home and the mortgage still needs to be paid off or if the debts are all cleared off, the changes in the insurance coverage are to be made. In case of pending mortgage, in any unfortunate circumstance, the burden must not fall upon your loved ones. And if all the debts are cleared then the coverage that you need may be less.    

Need to take care of a loved one requiring long-term care:

If you have a loved one who needs long term care, your policies need to be reviewed in order to protect yourself and your loved ones from the emotional and financial toll that comes along with it. Long term care is usually subject to rate increases and so it is good to have an annual review of one’s policies.

A Financial Change:

Review your insurance policy whenever there is a change in your financial situation. Whether it is a promotion or you are switching your job or there are some financial difficulties that arise, these financial changes require proper financial decisions to be taken. In order to maintain the way your loved ones and you are living your lives, when such financial changes occur, it is a must to review your insurance policies.  

Make sure that your insurance needs are keeping up with the changing events of your life. Take wise decisions, make the necessary changes today as well as analyze the likelihood of future changes.  

 

Are you done packing your bags? Don’t forget your ticket, your passbook, your camera… And
most importantly your Travel Insurance.
Now you might be wondering that if you are already secured with life insurance, why is travel
insurance required? Having Travel Insurance is as important as any other insurance. Whether
you are travelling within India or abroad, possessing a travel insurance plan offers you coverage
in case of any travel emergencies or medical emergencies that arise during your trips.
When we think of our holiday travels, it is obvious to not have or want the worrisome events
cross our minds. We would never want think of something bad happening during our travels. So
then why not keep all the worries at bay and enjoy the vacation by getting travel insurance. Then
if your flight gets delayed or cancelled or you happen to lose certain important documents or
even if you fall ill or get injured, travel insurance will provide financial compensation based on
the insurance coverage. With such security you can handle such unplanned events and expenses
in a better manner.
Healthcare falls quite heavy on the pocket. And moreover when travelling abroad, there are even
bigger risks and expenditures that may arise unexpectedly. For example think of the medical
costs overseas. It differs a lot as compared to the costs in India. Being travel insured saves you
from not only the minor expenses but it even acts as an important support in case of any serious
life-threatening situation. At times there are even obstacles that arise when a deceased member
needs to be brought back home from a foreign land. Comprehensive travel insurance even covers
repatriation of remains, making the legal processes less excruciating. Some travel insurance even
offer personal liability coverage where if there are third party damages in the form of property
damage or if a third party individual is affected by the insured. In such emergencies, the
expenses would be covered.
Possessing travel insurance is not a choice. It is mandatory by few countries. So when you travel
abroad get travel insured so that you are not prohibited from entering that foreign country. When
choosing a travel insurance policy, know your specific travel requirements, the destinations you
often travel to, compare the different travel insurance plans and secure your travels.
Enjoy the holidays! Wish you safe and happy journeys!

For us the primary purpose behind getting insurance is to form a financial security blanket for
our loved ones. But then even those obligations come to an end when the young ones grow up
and become independent. This is around the same time the retirement phase of your life begins
and obligations are shifted. Here certain questions begin to arise of whether you are having
sufficient assets to support you and secure your retirement. Because as we gradually change as
life goes on, so do our financial needs.
So this is where insurance takes on a different role in your life. It can become that asset of your
retirement life which if planned and used effectively can be turned into a comprehensive
retirement income plan. You can get lifelong coverage through permanent life insurance policies
like whole and life insurance. These insurances have the death benefit along with which the
insured can even borrow or withdraw when it is needed. Many aren’t aware of these benefits.
With these benefits you can protect your income, manage taxes and it give you peace of mind
knowing that your retirement will be less stressful and more enjoyable.
Insurance during and after retirement is what will help you with your debts. If not having any
debts but some are there that have kids or a spouse who is dependent of them. So doesn’t it seem
practical and crucial to have insurance in all phases of your life? No one knows when a financial
emergency may arise. And most of the times it arises when least expected.
Make good choices. Meet up with your financial planner or a trusted insurance consultant.
Ensure that your plans are proper and ease your transition into retirement.

There are times when we don’t seem to have the necessary money when we are actually in need of it. Then this leads to building up a mountain of debt for ourselves because we didn’t have a proper financial strategy to follow. When it comes to finances, all need to take informed decisions. And for this you need to have proper knowledge of your expenditures. Form an effective plan that will be a good support foryou throughout your life. And this is what will keep you Financially Fit.

Being financially fit doesn’t mean being wealthy; having loads of money to spend whenever needed. It doesn’t even mean that you can suddenly get financially fit by investing your everything into those ‘get rich quick’ schemes. Wouldn’t all of us be rich and happy if obtaining loads of money was that easy! So start by setting healthy financial goals for yourself.

Fix a budget based on your needs and save regularly at the same time. Practise good money habits. Don’t splurge. Think of the long run. It is never too early to get yourself and your loved ones insured. Bad times don’t give any sign before arriving. Insurance is that security blanket that you can fall back on in those times of need. So choose a good insurance plan as well.
Believe in those goals that you set to secure your future financially. It may seem hard but this is what will help you stay financially fit as well as give you mental peace knowing that you are caring about your financial wellbeing. And yes, do stay physically fit as well because it adds to productivity. All of this will help you achieve your aims despite the obstacles that may come your way.

No one wishes to ever imagine something wrong or bad happening to them, their loved ones, their possessions. But then we can never predict the next minute, the next hour, day, week….of our life. This is where insurance plays a major role. Now you may have few responsibilities but later there’ll be people you will depend on you, your loved ones towards whom you have certain financial obligations. And even if you are a single individual going about with your life, there are many financial questions that need to be solved. Insurance should be seen as that aspect of life that cannot be taken lightly.

You may think why do you need insurance at a young age when you are all fit and fine? But then the fact that no one knows the future is one of the reasons anyone and everyone requires to be insured. A student needs to pay off debts and student loans. Being insured will ensure that after you, those debts are not passed on to your family. Plus even if you aren’t currently having a family of your own you still have your parents and/or siblings whose responsibility is on you. And you need to make sure of their health and financial security to a certain extent as well.

Then moving on to the next chapter of your life where you get married. Here the financial necessitieschange. You both decide on buying a home and that brings on additional costs. Insurance makes these burdens manageable and it’ll provide coverage when you decide on starting your family in the future. Then later the needs and future of your children become one of your priorities where their dreams and

goals need to be fulfilled. There’s a family that’s dependent on you. And if both the parents are working, then it is easier to make ends meet but for a single bread earner or moreover a single parent needs to be more prepared. Having insurance will make fulfilling these obligations much easier. Now the later part of your life where your children have grown and become independent, you may feel that now there’s nothing to worry about. But then you and your spouse still need to see to your financial needs be it little or more. The health bills and other sudden necessities that come along need some sort of
assistance so that you live a carefree peaceful life.

Insurance is for you if you want to secure your future, if you have loved ones who depend on you, if you
have some other responsibilities and obligations to carry out. So go and get your peace insured.