Many people continue to make predictions and hold onto the hope that nothing bad will happen to them. Though there is nothing wrong with optimism, it can occasionally get one into difficulty, particularly when it comes to one’s finances.
Risks can be divided into two categories: insurable risks and non-insurable risks. Making an emergency fund is the best way to address non-insurable risks, while life and health insurance policies are the best ways to address insurable risks.
At every stage of our lives, we continue to face risk, yet there are some necessities that must be protected against. Although it is impossible to completely eliminate risks, it is possible to reduce their negative effects on one’s financial life. Let’s look at how to financially protect agsisnt risks.
Life Risk Protect through Term Insurance
The financial planning process for an individual begins by identifying the various goals at different stages of life. To achieve them one has to be alive and keep funding them till they arrive. However, the risk of dying early exits which could derail the entire investment process. The surviving members of the family, in addition to the mental trauma, could also suffer from loss of income thereby making long term gaols vulnerable to the circumstances.
This story is from the May 2023 edition of Investors India.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the May 2023 edition of Investors India.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
How To Build And Maintain A Long-Term Portfolio
Building a robust long-term portfolio involves two steps. First, you must decide on your asset allocation-essentially the distribution of your investments across various asset classes such that it aligns with your financial goals and risk tolerance.
Learn The Magic Of Self-Talk
There is perpetual self-talk taking place inside all of us
Health Cover: How Family Floater health insurance plans work to your advantage?
The right amount of health insurance coverage can help you stay on track with your finances and life goals. In the absence of health insurance, one may be forced to delve into current investments, jeopardising ambitions such as children's education and home ownership.
Empowering Women: Understanding Inheritance Rights in India
In the intricate tapestry of India's diverse inheritance landscape, where the threads of religious laws weave a complex pattern, don't entrust your legacy to fate's capricious hand. Instead, wield the brush of certainty by crafting your will.
Protecting Those Who Matter Most: Understanding the Importance of Life Insurance for Our Loved Ones
Mr. Sanjiv Bajaj is the Jt. Chairman & MD, Bajaj Capital, building the platform for the Business leaders of the Financial Services and Advisory sector to exchange their vision, experience, and views on making the right financial decisions.
Unit-Linked Insurance Plans: How to make use of ULIPS to meet long-term goals?
Unit-linked insurance plans, or Ulips, are a good option if you wish to combine life insurance with savings for long-term goals in one financial plan.
Why Should One Consider Investing In A Large Cap Fund?
An investor’s ability to create wealth in the longterm is directly linked to how well they create an all-weather investment portfolio.
Meeting Medical Costs with Health Insurance Plans
A medical emergency can occur at any time and to any person.
Water: The Elixir of Life
If there is magic on the Planet Earth, it is contained in water - Loran Eiseley.
The 100 Crore Wealth Legacy! A Vision
Generating 100 crores from modest investments is feasible with a long-term outlook, though market timing remains elusive.